Ethereum Slumps
As mentioned yesterday, Ethereum is ranging between $1017 and $1235. We appear to be forming a bear wedge pattern, and the Kovach OBV has turned south. We do appear to be finding strong support at 
1K, but there is a lack of follow through from buyers, and typically this means another dump is in order. As the economy careens toward a recession, the likelihood of a crypto pump diminishes. If 1K caves, then we should see support around $900, but 3 digit ETH prices are concerning. If we are able to rally, $1235 should be a barrier, but after that, $1341 is the next target.
1K, but there is a lack of follow through from buyers, and typically this means another dump is in order. As the economy careens toward a recession, the likelihood of a crypto pump diminishes. If 1K caves, then we should see support around $900, but 3 digit ETH prices are concerning. If we are able to rally, $1235 should be a barrier, but after that, $1341 is the next target.
Join my discord at discord.io/quantguy
Related publications
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.