ETH has hit resistance at $1700, a level that was support on a handful of occasions dating back to May of 2021. Reclaiming it as support may suggest ETH has more upside (perhaps to $2100) in the short term moving forward. However, If ETH fails to reclaim $1700 and convincingly hold as support, I believe we at least see a reversal back to upper bound that ETH was ranging in from mid June to mid July: $1272. Volume profile measured from the ATH shows local sell pressure at $1700. Additionally, 60 period MFI currently negative divergence on the 6 & 12hr.
Comment:
Better look at the fibs:
