ETH Stuck at 1200! Will it Break?

31 gru 2022

Looking at the 4h chart on ETH, we can see it's maintained its tight range around 1200 while also sitting just below horizontal resistance and our 50, 100, and 200 EMAs between 1200-1230.

Based on the above resistance levels, I'm still biased towards the downside short-term. My first long target will be 1150, followed by 1100 if we get there. The RSI is still curving upward along with the MACD which gives me some hope, but until we definitively close above 1230, I'm not convinced.

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