๐ฅ Ethereum Has Trouble With $1275: Here's Why
Over the last couple of weeks, ETH has constantly bounced off the $1275 area. Even yesterday ETH bounced off this area again, even though it managed to reach higher above $1275 than it has done in the previous three occasions.
The $1275 area is such an important resistance because it has been so in the past. The most recent retest of $1275 was in March 2021, where the price quickly wicked to said area before making a push towards $4000.
Furthermore, $1275 was a very important point on inflection during the previous bull-market. In the screenshot below you can see that ETH has tested $1275 twice and made a fake-out one other time.
Hopefully we can close a daily candle above $1275 in the near future. This could signal the start of a stronger and longer-term bull trend. However, if we keep rejecting from $1275 the bulls might run out of cash very soon, giving more ammunition to the bears to drive the price towards $1000 and lower.
The $1275 area is such an important resistance because it has been so in the past. The most recent retest of $1275 was in March 2021, where the price quickly wicked to said area before making a push towards $4000.
Furthermore, $1275 was a very important point on inflection during the previous bull-market. In the screenshot below you can see that ETH has tested $1275 twice and made a fake-out one other time.
Hopefully we can close a daily candle above $1275 in the near future. This could signal the start of a stronger and longer-term bull trend. However, if we keep rejecting from $1275 the bulls might run out of cash very soon, giving more ammunition to the bears to drive the price towards $1000 and lower.
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