Ethereum continues to trade towards the best levels of the year so far, as the second largest cryptocurrency edges closer to major another technical breakout. ETHUSD bulls need to move price above the $185.00 level in order to accelerate buying interest towards the $220.00 level. The daily time frame is showing that key weekly support is located at the $160.00 and $155.00 levels.
The ETHUSD pair is bullish while trading above the $160.00 level, key technical resistance is found at the $185.00 and $220.00 levels If the ETHUSD pair trade below the $160.00 level, key support is found at the $155.00 and $149.00 levels.
Are you concerned with the veracity that the upper wicks are getting sold into? If you check out the lower 5m, the moves about 182 have been fairly well shut down by the bears.
OctaFX_Official
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@Moon_Rocket_Capital, If you go to the Daily time frame you can see the roadblocks and support .
Moon_Rocket_Capital
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@OctaFX_Official,
Interesting! We are looking at broadly the same set up; just from different lenses. I believe that the bulls have weakening volume; but a bounce at $160 could make sense.
OctaFX_Official
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@Moon_Rocket_Capital, true, following the wider crypto pool of assets will also give sentiment direction too
Moon_Rocket_Capital
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@OctaFX_Official, There is an abnormally zone at 168 that trends back into Sep 2018 - which we are testing at the moment. That's where you may get that bounce!