ETHEREUM -8/9/2022-
• Sideways market dominating
• Critical fight between bulls and bears close to a turning point
• 1700 level has been very important since 2021, highlighted in green, acted as a major support several times
• Bulls need a clear break and successful closes above this level to turn the trend in their favor
• Second mission for the bulls is to break the red resistance line and close above it for consecutive days/weeks
• Two scenario in play:
• First, if the bulls manage to break and close above the red line, prices will continue to rise further
• Second, if the bears were able to dominate and defend the 1700 and the resistance line, Ethereum will suffer with additional losses
• Critical fight between bulls and bears close to a turning point
• 1700 level has been very important since 2021, highlighted in green, acted as a major support several times
• Bulls need a clear break and successful closes above this level to turn the trend in their favor
• Second mission for the bulls is to break the red resistance line and close above it for consecutive days/weeks
• Two scenario in play:
• First, if the bulls manage to break and close above the red line, prices will continue to rise further
• Second, if the bears were able to dominate and defend the 1700 and the resistance line, Ethereum will suffer with additional losses
Ramzi Abou Abdallah, CFTe, CMT
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