Ethereum did break out of the symmetrical triangle after such a strong leg down. At the moment its basing just below red dotted line which was marked as resistance in last report/analyse.
Volume was increased at the breakout what was bullish, while now its base/consolidate on smaller volume what is also bullish because its indicate there is no enough sellers at the moment.
RSI is extremely overbought. It is biggest overbought area in last 14 months and it is due to correct.
MACD histogram start to tick lower and in same tim eit is also very overbought.
Overall: Ethereum need to consolidate on this level for longer time to be able to continue healthy way up. If Ethereum continue to base on smaller and smaller volume, while candles are smaller and smaller that would indicate possibility of further move up. It need to break above those red dotted line / resistance to be bullish further.
On the other side, BigRed 200 days MA will act as support if price start to decline. If price start to decline on stronger volume with bigger candles it would indicate contamination of further down move and likely testing 2022 low.
There is no pattern for short trade opportunity at this stage.
Volume was increased at the breakout what was bullish, while now its base/consolidate on smaller volume what is also bullish because its indicate there is no enough sellers at the moment.
RSI is extremely overbought. It is biggest overbought area in last 14 months and it is due to correct.
MACD histogram start to tick lower and in same tim eit is also very overbought.
Overall: Ethereum need to consolidate on this level for longer time to be able to continue healthy way up. If Ethereum continue to base on smaller and smaller volume, while candles are smaller and smaller that would indicate possibility of further move up. It need to break above those red dotted line / resistance to be bullish further.
On the other side, BigRed 200 days MA will act as support if price start to decline. If price start to decline on stronger volume with bigger candles it would indicate contamination of further down move and likely testing 2022 low.
There is no pattern for short trade opportunity at this stage.
Consistency is the key of success....
