ETH had a crazy week returning traders and investors alike substantial gains after breaking out from the $210 supply zone. Now that resistance has turned into support, buyers will look to enter on any dip into that liquidity. However, this demand zone must hold for any bullish continuation as a break and close below could spell bad news for bulls and the likelihood of a retest of lows becomes very possible.
ETH found resistance at the FIB level but more specifically the SFP low of the previous strong down move earlier this month. Once support turned resistance zone around $260 will provide a stern test once more if we do end up reaching that supply area unless we turn bearish first. At the moment, one should wait for either a test of the supply zone above or the defense of the demand zone below before entering a trade as we are currently in a no-trade zone.
As always, stay safe everyone!
Thanks!
ETH found resistance at the FIB level but more specifically the SFP low of the previous strong down move earlier this month. Once support turned resistance zone around $260 will provide a stern test once more if we do end up reaching that supply area unless we turn bearish first. At the moment, one should wait for either a test of the supply zone above or the defense of the demand zone below before entering a trade as we are currently in a no-trade zone.
As always, stay safe everyone!
Thanks!