ETHUSD: A brief look at the things to come
Ethereum price is hovering inside a supply zone ($2,529 to $2,588), struggling to breach past it.
Two possibilities are possible here - a bullish spike that pushes ETH price above the said supply zone and proceeds to tackle the range high at $2,993.
Or a rejection at the supply zone that drags it down to the buy zone ($1,992 to $2,208).
If the bullish scenario plays out, Ethereum price could collect liquidity from the pocket highlighted in the chart ($2,850 to $2,915) and trend lower before actually proceeding higher
On the other hand, if the bearish scenario evolves, ETH price could slide into the demand zone, sweep $2,208 or $2,100. This would be followed by a flip of the supply zone into a demand zone and a retest of the swing high at $2,993.
In case, $2,993 is flipped into a support level, Ethereum price could rally and tag $3,124 and $3,316.
As always,
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Feedback or questions are appreciated.
DYOR
Not Financial Advice (FA)
