Daily ETH Update
Generally speaking the market is licking its wounds after multiple unexpected pullbacks, all in the face of Twitter followers all calling for a Buzz Lightyear style "infinity and beyond" for crypto markets. Of course the majority are never right, so here we are. Under the circumstances, ETH has been doing pretty well, and certainly better than most. Unlike BTC that is trapped in a tangle of overhead resistance, ETH has managed to lift its price up out of the soupto where it has a clear shot at the previous high again. Price is now sitting above resistance at:
- $4000 (buy zone and previous resistance)
- $4200 (buy zone)
- $4300 (previous resistance)
- short term downtrend line.
Currently price is above both long and short term uptrend lines. This is all very nice but we must also consider the strength of the market and it's weak. We should zoom out and look at this as small parts of a consolidation pattern at the top (current) of an uptrend. This can still break in either direction with trading volumes still very low and RSI neutral.
Two important fundamental factors that are favouring crypto markets today are:
1. The Omicron threat is widely being considered a non-event now.
2. Stock markets have rallied hard over the past few days which flows through to the crypto markets.
Today I'm holding ETH and have some profit-taking sells at $4800 as I'm hoping for one last pull back from the high before we see a breakout to new highs.
- $4000 (buy zone and previous resistance)
- $4200 (buy zone)
- $4300 (previous resistance)
- short term downtrend line.
Currently price is above both long and short term uptrend lines. This is all very nice but we must also consider the strength of the market and it's weak. We should zoom out and look at this as small parts of a consolidation pattern at the top (current) of an uptrend. This can still break in either direction with trading volumes still very low and RSI neutral.
Two important fundamental factors that are favouring crypto markets today are:
1. The Omicron threat is widely being considered a non-event now.
2. Stock markets have rallied hard over the past few days which flows through to the crypto markets.
Today I'm holding ETH and have some profit-taking sells at $4800 as I'm hoping for one last pull back from the high before we see a breakout to new highs.
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