- ETH bounced nicely from the demand zone around a monthly open and FIB level but was unable to use this momentum to break above the supply zone around $135
- We were consolidating inside a triangle most of the week but we broke down from it over the weekend and have been unable to regain this area
- We did try and recover but have been rejecting higher prices most of the day and could very well see a test of demand and possibly the FIB level around $105
- A break below this level would set up a nice short scalp opp back down to $90 on a retest of breakdown level and failure
- Bulls would need to regain the monthly open above and even the supply zone to be comfortable and expect higher prices at this point
Thanks guys!