It is interesting to note that ETH/USD has been trading in a smaller channel inside a LARGER channel for most of the past 4 days. In all candor, when it blew NORTH of the rising channel earlier this week I thought it was a foregone conclusion that it had reached at least a short term top. That is still a possibility, but it has shown pretty decent resilience to have stayed where it has since dipping back under that rising line of resistance. it would have been better had we never traded OVER that line, but rather than facing strong selling pressure from that move, it seems to have settled back into the 'left lane' fairly solidly after temporarily running into the median when it moved over 310.
That sort of reminds me of my very first automobile accident. I won't go into all of the details - suffice it to say that I was 17 and it was 1974... - but I took my eyes of the road and veered LEFT (just like our chart shows) and then I over-corrected and ended up running off the side of the road. Later that night I was presented a trophy by some of my friends who knew what had happened - the fire hydrant that I had knocked 20 feet into someone's front yard.
By contrast, ETH/USD veered to the left and 'ran off the channel/road' but then did NOT over-correct. It just got back into the swing of things, at least for now. This chart shows a red line of likely resistance that, if broken, should send us back over 310.
That sort of reminds me of my very first automobile accident. I won't go into all of the details - suffice it to say that I was 17 and it was 1974... - but I took my eyes of the road and veered LEFT (just like our chart shows) and then I over-corrected and ended up running off the side of the road. Later that night I was presented a trophy by some of my friends who knew what had happened - the fire hydrant that I had knocked 20 feet into someone's front yard.
By contrast, ETH/USD veered to the left and 'ran off the channel/road' but then did NOT over-correct. It just got back into the swing of things, at least for now. This chart shows a red line of likely resistance that, if broken, should send us back over 310.