Let's take a look at the big picture!
This week started with a V-shape price recovery. Many sources said that this price action lacks reason/ merit and is unsustainable, but we all know that markets can remain irrational longer than any one person can remain solvent 😂
In reality, ETH went from underpriced to way, way overpriced in 3 days. For comparison, it took 2 weeks to drop from $1800 to under $1600 and only 4 days to spike back to over $1800. It has been a long time since anything like this happened. Rationally if the price has a sudden spike up, it should go down. Currently, the market is ruled more by the news than supply/demand some believe that the news regarding Visa to accept USDC was a big one . It might as well be just an inflated hype.
Please keep in mind that since Tuesday last week crypto markets have been ruled by hypesters and news. Again and again, we have seen rendered useless.
What's happening today?
Bull market at full throttle! The market is hot and hypesters are pushing very hard for new All Time Highs ( ATH ) for both ETH and BTC . It is also the last day of the month therefore common sense would suggest that traders will push hard to close with another record sale. The overall situation should remain similar as yesterday - market technicals suggest a retrace and the market is likely to be heading in a different direction.
Position should be Short (and the price actually dipped since our early access TA!), but I mark it as Long-ish as traders are very likely push for ATH
Forecasted highs at ETH $1900 and $1960
Mid-way point jumped to $1750
Forecasted lows at $1750 and way below, however unlikely to get under $1700.
Have fun trading! 💸
If you would like to get early access invite to DataMoney ETH , write what was your most successful trade in March! 😉