PRICE ACTION
ETH has been bouncing between 175-185 over the last 24 hours as it struggles to find fresh capital to continue to push higher. With 3 of the 4 monitored time frames leaning bearish; and the 1D closing with a long upper shadow (almost a gravestone doji...) the market should be looking nervous.
Looking at the 5m chart; we have seen lower highs formed consecutively over the last 48 hours; which also suggests the market is turning. But with sporadic volume and low liquidity – it’s a watch and wait scenario.
OPEN INTERESTS (BITFINEX)
Long: 2.90 Days
Short: 0.40 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 190, 195, 255
Support: 170, 155, 148 (28D MA)
PREVIOUS ANALYSIS
ETH has been bouncing between 175-185 over the last 24 hours as it struggles to find fresh capital to continue to push higher. With 3 of the 4 monitored time frames leaning bearish; and the 1D closing with a long upper shadow (almost a gravestone doji...) the market should be looking nervous.
Looking at the 5m chart; we have seen lower highs formed consecutively over the last 48 hours; which also suggests the market is turning. But with sporadic volume and low liquidity – it’s a watch and wait scenario.
OPEN INTERESTS (BITFINEX)
Long: 2.90 Days
Short: 0.40 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Flat
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 190, 195, 255
Support: 170, 155, 148 (28D MA)
PREVIOUS ANALYSIS