🔥 Ethereum Bouncing Off Strong Resistance: Correction Ahead?
Updated
In my last ETH analysis I talked about the channel that we have been trading in for almost two weeks now, see purple lines.
After the bearish break out occurred, we saw ETH moving to my target of $1400. However, the FOMC meeting had investors pouring back into ETH, making the asset reach almost $1700.
However, ETH failed to break through the top resistance of the channel. This rejection combined with a severely overbought RSI may cause a bearish move.
In that case, I'm looking at the middle purple line for a potential reversal. If this support fails to hold, expect a further sell off towards the bottom blue support line.
After the bearish break out occurred, we saw ETH moving to my target of $1400. However, the FOMC meeting had investors pouring back into ETH, making the asset reach almost $1700.
However, ETH failed to break through the top resistance of the channel. This rejection combined with a severely overbought RSI may cause a bearish move.
In that case, I'm looking at the middle purple line for a potential reversal. If this support fails to hold, expect a further sell off towards the bottom blue support line.
Note
And there's the break out. Entry signal from the bottom support is invalidated.
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