EthereumUpdated ETHUSDT - short-term pullback then $2,500 ?
Hello,
We all remain bullish for ETH in the longterm, that is the truth given the really solid fundamentals. But we have to think of protecting our assets and eventually capitalize on the profits instead of giving them to the markets.
So, the ETHUSDT pair successfully broke above the diagonal resistance and the horizontal one near $1,890, which of course was great. Now the next target for bulls will be to surpass another stable resistance at the previous weekly candle close near $1,937. We already saw a few rejections there on the lower timeframes.
Additionally, there is still a high chance that we see a double top formed on the 4-hour chart with the last peak from March 13 as its first high point. Stoch RSI is already overbought on both 4-hour and daily. So, what follows?
The uptrend remains intact on the daily/weekly TFs
Regards
We all remain bullish for ETH in the longterm, that is the truth given the really solid fundamentals. But we have to think of protecting our assets and eventually capitalize on the profits instead of giving them to the markets.
So, the ETHUSDT pair successfully broke above the diagonal resistance and the horizontal one near $1,890, which of course was great. Now the next target for bulls will be to surpass another stable resistance at the previous weekly candle close near $1,937. We already saw a few rejections there on the lower timeframes.
Additionally, there is still a high chance that we see a double top formed on the 4-hour chart with the last peak from March 13 as its first high point. Stoch RSI is already overbought on both 4-hour and daily. So, what follows?
The uptrend remains intact on the daily/weekly TFs
Regards
Note
Looks like ETH avoided the negative scenario and is now trading above the weekly resistance in a narrow uptrend channel on the 1-hour.
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