ETH/USDT failing to break out. Support becomimg new resistance!
⚠️ This is NOT an analysis or to ve considered financial advice⚠️
My focus is more on the software side of blockchain & I am no expert analyst. With that said & such short extra time in my days to spend on technical/fundamental/chain/sentimebt analysis; here is my near-future prediction 👇
Volume is too low for what the market needs to push the price further up, imo. Overall, the sector is facing many other challenges—the hacks on centralized & also decentralized exchanges/protocols, projects going bankrupt, meme coins putting out bad vibes—nothing out of the ordinary for cryptocurrencies. If i had to guess, it would be for the newcomers & institutional investors playing the slow game; seems like the majority of them are waiting on more clarification on SEC issues, industry regulation, & the near-future + continuation of the "inflation crisis".
Based on these factors above that I've seen in articles over these last few months & the overall volume being low (besides the occasional large buy-ins/sell-offs)
I believe there is not enough bull power in the market, to keep these current support levels & we will likely see a dip to around 1600-1650 before any new major support levels increase.
My focus is more on the software side of blockchain & I am no expert analyst. With that said & such short extra time in my days to spend on technical/fundamental/chain/sentimebt analysis; here is my near-future prediction 👇
Volume is too low for what the market needs to push the price further up, imo. Overall, the sector is facing many other challenges—the hacks on centralized & also decentralized exchanges/protocols, projects going bankrupt, meme coins putting out bad vibes—nothing out of the ordinary for cryptocurrencies. If i had to guess, it would be for the newcomers & institutional investors playing the slow game; seems like the majority of them are waiting on more clarification on SEC issues, industry regulation, & the near-future + continuation of the "inflation crisis".
Based on these factors above that I've seen in articles over these last few months & the overall volume being low (besides the occasional large buy-ins/sell-offs)
I believe there is not enough bull power in the market, to keep these current support levels & we will likely see a dip to around 1600-1650 before any new major support levels increase.