Hi Everyone!! Without wasting any of your time lets dive in to ETH's chart!
So since the 20% inflation news hit the mainstream(crypto mainstream) ETH I see people not being able to decide, to long or short ETH. So let me try to show what I see. At this very moment ETH is testing a key resistance level. This level has acted as support and as ETH was falling and acted as resistance since it has started to recover low 116 levels. The more you test a level it does weakens it however, the first question is how high will it go if it breaks it? or where is the next resistance? And our next resistance is 200 EMA,140 levels. But will we be able to hold to those levels and even break trough it? Well looking and the volume we are not able to see significant change or hype coming back in. We might see a spike but it will not last long. It will be a fomo spike.
Another question is if we fall how low will we fall? Looking at the high RSI and volume,I believe our fall will be greater than our rise. So taking a chance on the small rise of price doesnt make sense to me. Its better to watch and see how ETH acts before entering a position. (Waiting for confirmation of breaking resistance and support levels.)
As always not an advice just a thought! Stay safe!
So since the 20% inflation news hit the mainstream(crypto mainstream) ETH I see people not being able to decide, to long or short ETH. So let me try to show what I see. At this very moment ETH is testing a key resistance level. This level has acted as support and as ETH was falling and acted as resistance since it has started to recover low 116 levels. The more you test a level it does weakens it however, the first question is how high will it go if it breaks it? or where is the next resistance? And our next resistance is 200 EMA,140 levels. But will we be able to hold to those levels and even break trough it? Well looking and the volume we are not able to see significant change or hype coming back in. We might see a spike but it will not last long. It will be a fomo spike.
Another question is if we fall how low will we fall? Looking at the high RSI and volume,I believe our fall will be greater than our rise. So taking a chance on the small rise of price doesnt make sense to me. Its better to watch and see how ETH acts before entering a position. (Waiting for confirmation of breaking resistance and support levels.)
As always not an advice just a thought! Stay safe!