ETHUSD - Grinding with descending volume = short term bearish!
Im bias short on ETH currently.
Average volume is currently going down while price is slowing grinding up..
As you can see this trend has been proven to be bearish for the last couple of months.
In long term im very bullish on ETH.. If you are a long term investor ethereum at these levels are still a decent buy.
Short term (next 2 weeks) i expect a move that will either break the current demand line and make a downwards move to either previous low or weekly support levels. (Pink lines)
If im wrong and we see a break out with lots of volume (volume is key in this scenario) 257 is first resistance
if 257 is broken then 350 is a reasonable level to me
Average volume is currently going down while price is slowing grinding up..
As you can see this trend has been proven to be bearish for the last couple of months.
In long term im very bullish on ETH.. If you are a long term investor ethereum at these levels are still a decent buy.
Short term (next 2 weeks) i expect a move that will either break the current demand line and make a downwards move to either previous low or weekly support levels. (Pink lines)
If im wrong and we see a break out with lots of volume (volume is key in this scenario) 257 is first resistance
if 257 is broken then 350 is a reasonable level to me
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