Similar to the link below. ETH range bound in November 2020 and January 2021 played out the same way. Ranging price action (PA) relies on Fibonacci levels to be reclaimed.
Watch for reclamation of:
0.25
0.5-0.618 (range EQ)
0.75
range high
ETH here could either keep bouncing off of range high, as it has just retested it
OR it returns to clearly retest 0.25 and trend line resistance with an hourly candle close
I prefer the latter, but time will tell. If price bounces beyond 1440 then we will see more upside as that is bullish market structure (higher highs). Doesn't mean we WON'T see a retest of that trend line, but it might happen a week down the line.
Watch for reclamation of:
0.25
0.5-0.618 (range EQ)
0.75
range high
ETH here could either keep bouncing off of range high, as it has just retested it
OR it returns to clearly retest 0.25 and trend line resistance with an hourly candle close
I prefer the latter, but time will tell. If price bounces beyond 1440 then we will see more upside as that is bullish market structure (higher highs). Doesn't mean we WON'T see a retest of that trend line, but it might happen a week down the line.