As we can see ETH has had a bit of a bounce after a steep sell-off to $2200, which is common with such a strong move. At the moment it looks like price is having a Bearish retest of a broken level where it has good potential to be rejected.
RSI is approaching downward resistance on the 8hr, which is in confluence to the Bear Flag ETH is currently trading in on the 4hr.
NASDAQ & SP500 had a strong rally today (1/31) but the markets are far from getting out from underwater. Investors are going to position for the future. Right now the very few are positioning themselves correctly for a slowing economy and certain FED interference. Most are filled with counter positioning and trend reversals.
Unless there is a sustained break above $3,000 with strong volume the chances of retesting $1800 are very real. If there is a strong break above $3,000 then bearish outlook is likely invalidated.
RSI is approaching downward resistance on the 8hr, which is in confluence to the Bear Flag ETH is currently trading in on the 4hr.
NASDAQ & SP500 had a strong rally today (1/31) but the markets are far from getting out from underwater. Investors are going to position for the future. Right now the very few are positioning themselves correctly for a slowing economy and certain FED interference. Most are filled with counter positioning and trend reversals.
Unless there is a sustained break above $3,000 with strong volume the chances of retesting $1800 are very real. If there is a strong break above $3,000 then bearish outlook is likely invalidated.