Points to consider
ETHUSDT on the daily is looking quite bullish with a clear objective of taking out the Local Daily S/R. Exceeding this level will increase the probability of testing the Weekly S/R. Being a highly critical level, an influx in volume must be present as this will indicate a true break backed with momentum.
The lead up is considered quite bullish with consecutive S/R Flips followed by a strong bullish volatility expansion. A bullish order block is evident that has supported price with a strong buy-back. This has allowed price action to maintain a bullish market structure leading up to an all-time high break.
The initial attempt of breaking the Weekly S/R resistance failed with an impulsive sell. A solidified grind backed with increasing volume will greatly surge the probability of entering price discovery. At the time, it will be important to monitor the volume profile. An influx in volume must be above average for a true breakout.
ETHUSDT on the daily is looking quite bullish with a clear objective of taking out the Local Daily S/R. Exceeding this level will increase the probability of testing the Weekly S/R. Being a highly critical level, an influx in volume must be present as this will indicate a true break backed with momentum.
The lead up is considered quite bullish with consecutive S/R Flips followed by a strong bullish volatility expansion. A bullish order block is evident that has supported price with a strong buy-back. This has allowed price action to maintain a bullish market structure leading up to an all-time high break.
The initial attempt of breaking the Weekly S/R resistance failed with an impulsive sell. A solidified grind backed with increasing volume will greatly surge the probability of entering price discovery. At the time, it will be important to monitor the volume profile. An influx in volume must be above average for a true breakout.