Bollinger Bands may have some value for the short term ETH read.
The recent rally in ETHUSD was so vertical that it took ETH above its Bollinger Band. When a market takes out the top Bollinger band, it can imply a one or two-day consolidation may be in order.
If ETH consolidates for a day or two, we believe it is building up steam to take out the top of a high volume zone near 240. If that happens, ETH can move to the next high volume zone above 300.
Bottom Line: Any sideways action in ETH is a pause that refreshes. ETHUSD is going to heat up again. Stay long and strong.
The recent rally in ETHUSD was so vertical that it took ETH above its Bollinger Band. When a market takes out the top Bollinger band, it can imply a one or two-day consolidation may be in order.
If ETH consolidates for a day or two, we believe it is building up steam to take out the top of a high volume zone near 240. If that happens, ETH can move to the next high volume zone above 300.
Bottom Line: Any sideways action in ETH is a pause that refreshes. ETHUSD is going to heat up again. Stay long and strong.
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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.
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.