Expecting a pullback into the nearest resistance. usual bounce to follow as its a fresh level with investor optimism but key short sign to me will be a lower high formed from the bounce, marked with the Red Cross.
if that plays out I'll be expecting a deeper pullback to the stronger key level already marked which confluences 61.8% fib and a pivot level of R turning S on higher time frames. this is also confluenced with a key psych level of $1800~ This second pullback would also clear stops from the initial retest of the near resistance and provide liquidity to fill orders
if that plays out I'll be expecting a deeper pullback to the stronger key level already marked which confluences 61.8% fib and a pivot level of R turning S on higher time frames. this is also confluenced with a key psych level of $1800~ This second pullback would also clear stops from the initial retest of the near resistance and provide liquidity to fill orders
Comment:
pullbacks also fit the idea that there will be profit taking across various crypto markets due to ATH on bitcoin before further run ups. while its nice to imagine investments always "mooning" the markets were boosted by US stimulus cheque injection so it is natural to see some sort of pullback and minor correction. I do expect ETH to break ATH and follow albeit lagging especially as EIP-1559 gets closer and optimism builds