Ethereum(ETH): As We Thought.....It Was A Fakeout!

Dec 18, 2023

We see a dynamic play between the price action and a firm resistance level that has seen several tests over time. The price recently broke above this resistance, which coincides with the 100 EMA, suggesting a shift in momentum. However, this breakout has led to a fakeout, where the price retracted below the resistance, indicating potential uncertainty in the market.

The current candle is critical as it is re-testing the breached resistance. If it holds above, we may anticipate a continuation of the bullish trend. Conversely, if the resistance proves to be unyielding, a pullback to the ascending trendline could happen, which has historically served as a strong support level, providing a rebound for the price.

Dec 19, 2023

Note

After having a nice re-test, the price has bounced off and is now going straight back to test that upper zone.

We are aiming here for a potential sell opportunity soon, but we have to be cautious as we might see some liquidity movement there for sure!!

Dec 20, 2023

Note

We are still waiting for either of the entries to be filled. Currently, the weekly candle is having some difficulty deciding which way to hear first.

Overall, we are not seeing a new ATH happen in this timeframe!