Just like Bitcoin, Ethereum has seen a nice increase in value since the dump 10 days ago. Recently, ETH has seen a strong bearish bounce off the top blue resistance line, falling back all the way to the channel support.
At this point in time, it's hard to say where the market will go. Bearish sentiment is still strong, especially with BTC failing to reach $36k. Same goes for ETH: the last couple of tops have been consequently lower and lower, bad news for bulls. In my view, there's a realistic chance that bears will take the overhand.
In case of a bullish move today, the blue resistance area is going to be the main point of interest. A bullish break out could launch ETH towards the $2630 area, whereas a bearish bounce is possible too. The bearish case for the coming 48 hours would be a move towards $2000, potentially lower towards the red area of support.
Happy trading!
At this point in time, it's hard to say where the market will go. Bearish sentiment is still strong, especially with BTC failing to reach $36k. Same goes for ETH: the last couple of tops have been consequently lower and lower, bad news for bulls. In my view, there's a realistic chance that bears will take the overhand.
In case of a bullish move today, the blue resistance area is going to be the main point of interest. A bullish break out could launch ETH towards the $2630 area, whereas a bearish bounce is possible too. The bearish case for the coming 48 hours would be a move towards $2000, potentially lower towards the red area of support.
Happy trading!
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