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It’s been a long time since I last published on Substack, so I figured I would write an article on one of the elephants in the room - Ethereum (ETH).
Loved by some and loathed by many, ETH has been a trader’s paradise while taking its investors on quite the ride. Today’s post takes a look at recent TA developments on ETH.
Since reclaiming the 2018 high of 1,420 in early-2021, dips below it have been bought up. However, ETH has been unable to have constructive price action above its 2021 ATH of 4,868, despite briefly forming a new high above it several months ago. In short, ETH has been in a 3,000 point box for the past 4 years.
Should the ascending trendline above be broken, bulls will likely look to defend the prior ATH at 1,420. However, it’s difficult to build a case for bulls below the prior ATH, as this could quickly turn into a double top breakdown setup.
As for bears, they’ll probably be hoping that the 4,800-4,900 area is not broken and turned into support, as this could usher in a fresh leg higher.
In the short term, bulls will probably want to break both resistance trendlines and head above the 3,658-3,676 area (weekly imbalance) to start a push back into prior ATHs. As for bears, they’ll probably want to defend the 3,255-3,372 (daily imbalance) and the main resistance trendline (in pink).
Should ETH head below the weekly support at 2,933, this could possibly result in a retest of the 2,638 level - this was a prior weekly imbalance. The next few weekly supports sit at 2,323 and 1,874 (weekly imbalance).
Either ways, for the time being, both sides are locked in battle. Until ETH breaks above 4,800 or breaks below 1,420, it appears as though more rangebound action is likely.
$Grayscale Ethereum Mini Trust(ETH)$ $iShares Ethereum Trust ETF(ETHA)$ $ProShares Bitcoin ETF(BITO)$ $BitMine Immersion Technologies Inc.(BMNR)$ $SharpLink Gaming(SBET)$
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