Looking at Ethereum it is pretty clear we have no sense of real direction and one thing that stood out to me very clearly is that we are in a wider ranged accumulation phase in the market. Shown by the blue shaded area we have respected this zone very well and are struggling to find a breakout point, what i believe is happening is a big 3 week accumulation period where we are seeing strong hands and big money scooping up Ethereum/ all of crypto before the next leg up. This phase can definitely mess with the emotions and can lead you to believe we are entering a bear market or just a downtrend period, i don't think this is the case though, smart money and big institutions are playing the waiting game striking fear into retail investors and overall giving uncertainty. The past couple days including today have been looking good we are seeing strong bull candles and a push back up into this zone after briefly falling underneath. First off lets take a look at some key levels, the support levels we need to hold onto are the S1, 4000$ (USD), and the very important 0.2 FIB level. Now the resistances that are very key goes as follows, the midline on the bollinger bands is a must regain level and will be a big test once we reach it, the 4400$ level, the crucial pivot point (P) this level if we can close above should give us some much needed bull momentum, then the 4600$ level, a break and close above here is important because it has been the respected top of this accumulation zone and for us to leave this phase this level is key. Then of course we have the 0 FIB level (ATH) which will give us mass amounts of momentum if we can regain it and enter price discovery mode. Now the bollinger bands, another reason why this 4600$ level is so important is because a break above here will land us right on that top bollinger band, and this as we all know can spark an explosive move to the upside and go on a significant run and likely easily breakthrough that ATH! Now the MACD we see that the histogram is decreasing showing us a decline in bearish momentum, want we want to see here is a push back into the green zone and see increasing green bars day after day, aswell as an explosive bull cross with the blue MA taking off from the orange. Not financial advice just my opinion!
