ETH Approaching Crucial Zone
Updated
Ethereum is quickly approaching a a price range which it hasn't seen in a full year, but will this test of supply lead to a breakout on its second attempt, or will it need to pull back and consolidate again before the final blow?
While volume has been increasing, and the demand for ether growing rapidly thanks to the new De-Fi craze most of which is built on ethereum, and therefore requires a rapidly increasing amount of gas in order to participate. But can all this be the narrative needed in order for bigger players to find liquidity for their exit? Certainly possible, and I believe if that's the case it may happen in this marked area in blue, or potentially just above it for a quick stop-run on bears before drawing them in to assist in a move down.
With all things considered, its de-finitely possible ETH is about to enter a new bull cycle and potentially see new highs if this craze is to continue. But from a trading perspective, I'd prefer to see what happens next before fomo-ing into eth at these levels.
While volume has been increasing, and the demand for ether growing rapidly thanks to the new De-Fi craze most of which is built on ethereum, and therefore requires a rapidly increasing amount of gas in order to participate. But can all this be the narrative needed in order for bigger players to find liquidity for their exit? Certainly possible, and I believe if that's the case it may happen in this marked area in blue, or potentially just above it for a quick stop-run on bears before drawing them in to assist in a move down.
With all things considered, its de-finitely possible ETH is about to enter a new bull cycle and potentially see new highs if this craze is to continue. But from a trading perspective, I'd prefer to see what happens next before fomo-ing into eth at these levels.
Note
Volume now supporting the move, we indeed broke through and retested, on lower timeframes, the blue zone in the original chart. Now with a bit more clarity on the bigger picture, I'll continue to hold spot eth into this new cycle, and will look to add in any HTF pullbacks into blue.
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