ETH- HTF resistance flipped to support.MTF resistance test
Not financial advice. DYOR. This is for my personal reference and benchmarking only. I'm not bullish or bearish rn tbh. There are alot of overhead resistance levels. Conversely, HTF support and continued HEAVY buy interest at 'cheaper' prices has probably (secretly) shocked even the most bullish crypto enthusiasts. I think alot of crypto bulls are actually closet traders playing both sides. The 'HODL' and 'diamond hand' narratives were strategies for manufacturing bag holders.
Anyway-
The green descending horizontal has been the resistance since the ATH put in November 2021. We have briefly broken above but haven't maintained above this level for more than a day or two since its formed. I wouldn't be suprised if we test it once more. Would be healthy.
We also have a MTF resistance (black) set back in early january during the epic crash.
Lastly, the red shaded box has been an area with alot of open sales interest. Whether that still remains has alot to do with (imho) the macro's but even more to do with a 'catalyst'.
One major catalyst coming down the pipe (although still 3 months away) is the ETH migration to proof of stake and the deflationary aspects becoming magnified. Maybe this gets front run a bit and then causes major fomo to give us our anticipated (albeit late) 'blow off top'?
My bags are packed. But i'm staying away from leverage unless we visit the very HTF lows (2,200) again. The EETH/BTC chart also looks primed.
again NFA. DYOR.
Anyway-
The green descending horizontal has been the resistance since the ATH put in November 2021. We have briefly broken above but haven't maintained above this level for more than a day or two since its formed. I wouldn't be suprised if we test it once more. Would be healthy.
We also have a MTF resistance (black) set back in early january during the epic crash.
Lastly, the red shaded box has been an area with alot of open sales interest. Whether that still remains has alot to do with (imho) the macro's but even more to do with a 'catalyst'.
One major catalyst coming down the pipe (although still 3 months away) is the ETH migration to proof of stake and the deflationary aspects becoming magnified. Maybe this gets front run a bit and then causes major fomo to give us our anticipated (albeit late) 'blow off top'?
My bags are packed. But i'm staying away from leverage unless we visit the very HTF lows (2,200) again. The EETH/BTC chart also looks primed.
again NFA. DYOR.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.