Ethereum Faces Heavy Resistance Ahead
This is just a quick update to my ETH chart. I've taken more time off from the market recently to focus on some other things, such as finishing up my master's program.
It seems the lower low went lower than I was expecting (I was thinking $2800 first, then a retest of the downtrend). Instead, ETH broke down all the way towards 2k and is finally experiencing a substantial bounce. However, ETH can easily find resistance at the downtrend again, especially considering how overheated the Ultimate Oscillator is already (red at bottom). For me to consider new highs for ETH, it will need to break that downtrend and show continued buying pressure. I do think it's possible to see a new ATH for ETH, perhaps near 6k. But a lot needs to happen first before I begin to feel more bullish about crypto. I am still in "sell the rally" mode, so I may choose to unload some more ETH, should it head back above 3k. I don't feel comfortable reducing my crypto positions much more until I see more confirmation of weakness on longer timeframes.
This is not meant as financial advice! This is meant for speculation and entertainment.
-Victor Cobra
It seems the lower low went lower than I was expecting (I was thinking $2800 first, then a retest of the downtrend). Instead, ETH broke down all the way towards 2k and is finally experiencing a substantial bounce. However, ETH can easily find resistance at the downtrend again, especially considering how overheated the Ultimate Oscillator is already (red at bottom). For me to consider new highs for ETH, it will need to break that downtrend and show continued buying pressure. I do think it's possible to see a new ATH for ETH, perhaps near 6k. But a lot needs to happen first before I begin to feel more bullish about crypto. I am still in "sell the rally" mode, so I may choose to unload some more ETH, should it head back above 3k. I don't feel comfortable reducing my crypto positions much more until I see more confirmation of weakness on longer timeframes.
This is not meant as financial advice! This is meant for speculation and entertainment.
-Victor Cobra
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