Ethereum has edged up from lows after testing the $2K handle briefly, for the second time. We bottomed out just below our level at $2965. At this level, we saw an aggressive buyback but momentum waned quickly and we are currently ranging just above $3200, a psychological and technical level. The Kovach OBV is completely flat, despite the push back to the $3200's, and momentum has clearly stalled just below $3324, the next level above. From here, we anticipate ETH to establish value in the low $3K's, with $3324 an upper bound for now, confirmed by several red triangles on the KRI. We must break through this level, then two levels in the $3400's above, before we can consider regaining the $4K handle. In the event of a selloff, lower levels in the $3K handle should provide support with $2965 a floor price for now.
Comment:
Ethereum broke above our upper levels in the $3300's. Looks like momentum has petered out for now, but we appear to be holding a narrow range between $3324 and $3416.
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