Ethereum has demonstrated a greater degree of weakness compared to Bitcoin these past few weeks. However, we know from its trading history that most of the time during key turning points, altcoins end up making that one last move against Bitcoin. Now that Bitcoin halving is over, traders might start thinking about altcoins like Ethereum near-term.
The price is currently knocking at a key resistance at $190.06. If the price breaks and closes above it on the 4H time frame and tests it as support, we would expect ETHUSD to climb back inside the descending triangle. It might appear improbable to many retail bears because they expect it to play out in a textbook manner but that is rarely the way it works especially in this market. The most probable scenario is that we might see a move higher from here provided that the $188.48 support holds. If the price declines below the 28.6% Fibonacci retracement level, we would expect further downside and the bears would regain their temporarily lost momentum.
The price is currently knocking at a key resistance at $190.06. If the price breaks and closes above it on the 4H time frame and tests it as support, we would expect ETHUSD to climb back inside the descending triangle. It might appear improbable to many retail bears because they expect it to play out in a textbook manner but that is rarely the way it works especially in this market. The most probable scenario is that we might see a move higher from here provided that the $188.48 support holds. If the price declines below the 28.6% Fibonacci retracement level, we would expect further downside and the bears would regain their temporarily lost momentum.
Trade closed: target reached