ETH AT A KEY LEVEL, BUT AGAIN IN THE BULLISH CHANNEL
Hello crypto traders, as you see from the chart, we are at a key level: 3350, which is the upper boundary of the Fibonacci retracement are. The area 3000-3350 marks the area that separates the bullish continuation from a dangerous ABC pattern.
Indeed, if the price will manage to break above 3350, we can definitely say that the upward scenario is in. On the other hand, a close below the 3000 level and, even worse, below 2750, will not be positive at all as it would delineate a possible lower low.
Important to note that, however, we are back in the rising bullish channel that was broken up, and then down, only temporarily and due to excess demand and excess offer respectively (aka FOMO and FEAR excesses). This is a very important, despite almost unnoticed, indication that makes me propend for the upward scenario.
Eth has to be watched more closely as it periodically anticipates BTC, and this seems to be one of those moments. Indeed, this respective level has not been reached yet by BTC. Therefore, ETH can lead the way for the crypto king and can avoid unnecessary pains or confirm a positive bias.
Indeed, if the price will manage to break above 3350, we can definitely say that the upward scenario is in. On the other hand, a close below the 3000 level and, even worse, below 2750, will not be positive at all as it would delineate a possible lower low.
Important to note that, however, we are back in the rising bullish channel that was broken up, and then down, only temporarily and due to excess demand and excess offer respectively (aka FOMO and FEAR excesses). This is a very important, despite almost unnoticed, indication that makes me propend for the upward scenario.
Eth has to be watched more closely as it periodically anticipates BTC, and this seems to be one of those moments. Indeed, this respective level has not been reached yet by BTC. Therefore, ETH can lead the way for the crypto king and can avoid unnecessary pains or confirm a positive bias.
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