Ethereum upward channel, resistance band test coming
We've been at this level before, but Ethereum is confirming both an upward channel. This weekend ETH moved through an area of resistance, but will need to confirm as support in order to move higher. If Bitcoin pulls back, then my expectation is that Ethereum will test the lower trend-line at around 2200. Assuming Bitcoin isn't yet ready to push higher this is a more likely scenario (down to 2200 and then back up to around 2800 by late August). The lower trend-line intersects a prior downward trend-line, and this makes an obvious target.
Although many people may be selling off profit after a year of returns, institutional customers are buying the pullbacks and ratcheting up the lower boundary (unless there is a capitulation event). I'm DCA'ing weekly and swing trading where appropriate.
Just my point of view obviously.
Although many people may be selling off profit after a year of returns, institutional customers are buying the pullbacks and ratcheting up the lower boundary (unless there is a capitulation event). I'm DCA'ing weekly and swing trading where appropriate.
Just my point of view obviously.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.