Markets tend to be (intentionally or unintentionally) manipulated by bigger players. Such is definitely the case in crypto, and that is why we tend to witness more price fluctuations.
Here we can assist to an example of accumulation. A particular person, or group is showing signs of accumulation when ETH was between 515-530. Not letting it go much under that price. Probably the reason for this is not to let individual investors lose too much hope in ETH and make the next move up a bit easier.
Another sign of accumulation is beginning to show it self at the 555-570 range, with a test spring down to 545. If price climbs back up to the 560 zone, then the accumulation was confirmed. If price decides to go down back to 520 the previous resistance and support line, then this was after all a distribution period.
Target BUY zone : 575-580 zone. Target SELL zone: 540.
If we do however break the 580 resistance, we should go straight to the 600 resitance level and probably without too much trouble breaking it.
RSI also tends to approach the 30 level zone on the 1D & 1H. I am pretty confident we will see another try at 580 in the next 48 hours.
Here we can assist to an example of accumulation. A particular person, or group is showing signs of accumulation when ETH was between 515-530. Not letting it go much under that price. Probably the reason for this is not to let individual investors lose too much hope in ETH and make the next move up a bit easier.
Another sign of accumulation is beginning to show it self at the 555-570 range, with a test spring down to 545. If price climbs back up to the 560 zone, then the accumulation was confirmed. If price decides to go down back to 520 the previous resistance and support line, then this was after all a distribution period.
Target BUY zone : 575-580 zone. Target SELL zone: 540.
If we do however break the 580 resistance, we should go straight to the 600 resitance level and probably without too much trouble breaking it.
RSI also tends to approach the 30 level zone on the 1D & 1H. I am pretty confident we will see another try at 580 in the next 48 hours.
Comment:
Accumulation phase confirmed