ETHUSD - Ethereum tests hard resistance
Updated
Hello Traders
As pointed out, ETH is in a clear Ascending Triangle pattern. Now, usually this would be seen as Bullish BUT my bias is Bearish. I'll tell you why:
1) Probability of a breakout ABOVE is 15% (simple math counting failed tries). This already is enough for me not to risk a long here
2) Low volume
3) Unpopular opinion: DeFi simply cannot afford ETH at 2k.
I'm not saying it's not possible for ETH to go slightly higher, but what I would want for a long here is a better risk-reward setup.
Best Regards and Trade Safe
Ev
As pointed out, ETH is in a clear Ascending Triangle pattern. Now, usually this would be seen as Bullish BUT my bias is Bearish. I'll tell you why:
1) Probability of a breakout ABOVE is 15% (simple math counting failed tries). This already is enough for me not to risk a long here
2) Low volume
3) Unpopular opinion: DeFi simply cannot afford ETH at 2k.
I'm not saying it's not possible for ETH to go slightly higher, but what I would want for a long here is a better risk-reward setup.
Best Regards and Trade Safe
Ev
Note
NOTEWORTHY, Tether has printed 750m USDT today. That might be used to give BTC another leg up. In which case, ETH will be dragged up. However I still suspect it won't make it past 2k. Just my opinionNote
ETH did, infact, go up with BTC. I am not giving any advice on longs/shorts however I can tell you what I think personally : unless one didn't have an EXISTING long opened on a much lower position, I wouldn't have an open long in such a high risk setup. That's just me. For me, these conditions (price discovery) are not ideal for scalping/day trading.Note
above comment should read "unless one DID have an EXISTING long..."From here, I don't believe ETH will go higher unless BTC goes higher.
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