ETH is currently hanging on by a thread by holding the very last tiny bit of support within the bearish pennant. Unless price can reverse strongly from here then the chance of price breaking down in the near future remains high. Even if price is able to bounce from here it will face strong confluent resistance at around $225. If price can break and hold above this $225 by the end of the day tomorrow, then it significantly reduces the chance that price will break down from here. There is a final scenario that needs to be pointed out. There is currently a double inside bar pattern that has formed. If price were to break above $240 and then pull all the way back down to $220-ish or lower, this would be an extremely bearish double inside bar / pin bar fakeout.
Comment:
We got a nice strong bounce off of support. As expected, 225 is acting as a difficult resistance to break through as that short term price rally was immediately halted and reversed. Let's see if it makes another run at it again in the next few hours.
