Eth is currently trading in a tight raneg between 1874 Weekly Resistance Level and 1775 Weekly Support Level.
After taking a Look at the monthly Candle it appears Eth may be out of Gas. April's 23' Monthly Candle closed in a quite exhausted fashion.
The Top wick of April's Monthly candle is 5 times larger than the body of the candle. So far and through the first 2 weeks of May, we pushed up but price didn't sustain it's trajectory as it currently sits at a -2.58% difference on the Month.
Bulls haven't done much which only confirms our previous thoughts.
1775 Appears to be rather resilient for the Bulls but I value the monthly timeframe over the Weekly timeframe obviously.
We are seeing exhaustion at our 1831 4Hr Zone. May we revisit the Lows of the Range once again?
Target for Shorts being 1795 Daily Level.
After taking a Look at the monthly Candle it appears Eth may be out of Gas. April's 23' Monthly Candle closed in a quite exhausted fashion.
The Top wick of April's Monthly candle is 5 times larger than the body of the candle. So far and through the first 2 weeks of May, we pushed up but price didn't sustain it's trajectory as it currently sits at a -2.58% difference on the Month.
Bulls haven't done much which only confirms our previous thoughts.
1775 Appears to be rather resilient for the Bulls but I value the monthly timeframe over the Weekly timeframe obviously.
We are seeing exhaustion at our 1831 4Hr Zone. May we revisit the Lows of the Range once again?
Target for Shorts being 1795 Daily Level.
Comment:
Eth Sellers Protecting 1831 4Hr level that coincided with positive USD Unemployment Data. Looking for price to return to 1795 before anymore upside.
Trade closed: target reached:
Trading Ethereum short off the 4Hr Supply Zone as it is currently is in a short term downtrend turned out to be a great idea. It surpassed our 1795 Daily level target by 20$. It touched right into our Weekly Level 1775. Very minimal drawdown.
