Ethereum after the nice and strong up move, ETH doesn't have the power to break through resistance from FTX collapse like the bitcoin break which is a sign of weakness in strength. On Sunday they try to pump it on a small volume but on Monday (today it got rejected right away.
Volume is not the best.
RSI is still in overbought territory and had negative bearish divergences.
MACD is close to the zero line also with bearish divergences. With a fall below the zero line, the chance for a bull pullback is smaller.
Overall: ETH didn't show power how it usually shows and outperformed bitcoin. Price did recover from the 1100-1200 area but now it is stalling at resistance. It needs to break out asap to continue the bull move. If the drop continues major support should be BigRed. While resistance in the up move will be 1674 and then 1800 area.
Volume is not the best.
RSI is still in overbought territory and had negative bearish divergences.
MACD is close to the zero line also with bearish divergences. With a fall below the zero line, the chance for a bull pullback is smaller.
Overall: ETH didn't show power how it usually shows and outperformed bitcoin. Price did recover from the 1100-1200 area but now it is stalling at resistance. It needs to break out asap to continue the bull move. If the drop continues major support should be BigRed. While resistance in the up move will be 1674 and then 1800 area.
Consistency is the key of success....
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.
Consistency is the key of success....
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.