- ETH dipped below $100 for the first time since mid-2017 but saw a very strong reaction from buyers
- We briefly saw wicks all the way back up to $120 but sellers have taken control once again
- We are currently heading back down into the demand zone near $105 and bulls need to defend this zone to have any chance for a retest of local highs
- The outlined path ETH could take is shown in the chart and the support OB holding will be critical
- If we do get a reaction off it, we could see price return above and then find support near $110 before trying higher and tapping into the resistance zone
- On the bearish side, a break below this block will see a test of lows and possibly see $80 price tag.
Thanks guys!
Comment:
We can see that stops were raided below that support OB and bounced right back above. Setting stops right below these zones is dangerous as stops do tend to get raided quickly before heading the other way. Now we need to see a test of the range high again