ETH/USD - Altcoin season or Fakeout? $3,000 is Key! 🙄
ETH has touched, yet again, the $3,000 resistance. If we look at the indicators, particularly MACD, it would appear, at least on the 3-day timeframe, that this chart may turn bullish.
MACD did a bullish cross when price was on the support line and since then we pumped nicely to the key resistance at 3k.
RSI is moving higher, as does the OBV... However.
Volume continues to decline and this half-assed pump does not bring enough confidence. ETH has to explode above 3k on massive volume, turn this level into support and then run.
Any other scenario is likely bearish.
Hence, I have reservation and as the price action stands now, ETH is still in a range between $2,500 and $3,000.
Don't get excited until we break above.
Bias remains neutral for now.
We could consolidate longer in this range as well, which would be bullish the longer we do it I would say.
I would be careful though. Bear markets can last 1-2 years, not 3 months! A fake pump and then a significant dump is also possible.
Check MACD on monthly, ETH is about to do a bearish cross! BTC already did it... That is not good.
Alas, we will find out.
Like and follow if you liked my idea!
MACD did a bullish cross when price was on the support line and since then we pumped nicely to the key resistance at 3k.
RSI is moving higher, as does the OBV... However.
Volume continues to decline and this half-assed pump does not bring enough confidence. ETH has to explode above 3k on massive volume, turn this level into support and then run.
Any other scenario is likely bearish.
Hence, I have reservation and as the price action stands now, ETH is still in a range between $2,500 and $3,000.
Don't get excited until we break above.
Bias remains neutral for now.
We could consolidate longer in this range as well, which would be bullish the longer we do it I would say.
I would be careful though. Bear markets can last 1-2 years, not 3 months! A fake pump and then a significant dump is also possible.
Check MACD on monthly, ETH is about to do a bearish cross! BTC already did it... That is not good.
Alas, we will find out.
Like and follow if you liked my idea!
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