ETHEREUM: HITTING THE RESISTANCE.
Updated
Hello traders, Ethereum has rallied 10% so far after getting close to the support level of $1700. It's good to see the market making some greens but we need to be vigilant especially when the market turns green all of a sudden and the RSI is making a similar move (overbought) in all the charts in lower TF. As we can clearly see that ETH is reaching the resistance of $1940 to $1950. With the RSI reaching the overbought zone, it is likely possible that ETH may get rejected soon.
On the other hand, if BTC breaks out and sustains the daily close above the resistance then things may take a positive move.
Trade safely.
On the other hand, if BTC breaks out and sustains the daily close above the resistance then things may take a positive move.
Trade safely.
Note
ETH dropped not exactly from the given entry-level but it dropped. Can this be bad for the market?
Well, ETH is close to our support range which was at $1717. If it fails to hold this level then we can expect ETH to reach the $1620 support level. We still have nearly 2 hours left for this 4-hour candle to close let's see what comes next.
Note: The daily close is already bearish.
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