ETH has been rather boring lately. The price action is sort of flat for the past week, moving in a range of about 10%.
This current level is also stuck between two key technical levels represented by our Fibonacci levels and ATH. $3,000 and $4,100. The first being our support and the second our major resistance.
Therefore, there won't be any major fireworks or reasons to celebrate until we break one of these two levels. For now the bias is bullish as the price wants to push higher, similar to BTC (see my idea linked below). Therefore I find a re-test of our resistance likely.
Will we break it? We failed last time. Maybe another try will do it, but we need some news or more momentum otherwise, this move up is a bit weak right now.
In any event, there is nothing bad with the market taking a breather and relaxing after a massive pump, I mean look at July/August candles, we doubled in price in a month.
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This current level is also stuck between two key technical levels represented by our Fibonacci levels and ATH. $3,000 and $4,100. The first being our support and the second our major resistance.
Therefore, there won't be any major fireworks or reasons to celebrate until we break one of these two levels. For now the bias is bullish as the price wants to push higher, similar to BTC (see my idea linked below). Therefore I find a re-test of our resistance likely.
Will we break it? We failed last time. Maybe another try will do it, but we need some news or more momentum otherwise, this move up is a bit weak right now.
In any event, there is nothing bad with the market taking a breather and relaxing after a massive pump, I mean look at July/August candles, we doubled in price in a month.
Like and follow if you liked this idea!
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