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

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.

Comment:

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!!

Comment:

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!