Ethereum (ETH) - Crabs remain in control!
Updated
It remains anemic.
For me it is not a trading zone and should be treated with caution. As it keeps making lower highs and trend is down on the daily
Weekly is holding by a thread. Take action if it breaks below
Below 2,300 = Red button.
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Most altcoins look like this. Only a few are still somewhat attractive, but unless this low holds. I see no reason to blindly bid on “support”.
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Safest entry above 3k.
Treat everything as resistance until that level is recovered.
For me it is not a trading zone and should be treated with caution. As it keeps making lower highs and trend is down on the daily
Weekly is holding by a thread. Take action if it breaks below
Below 2,300 = Red button.
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Most altcoins look like this. Only a few are still somewhat attractive, but unless this low holds. I see no reason to blindly bid on “support”.
__________
Safest entry above 3k.
Treat everything as resistance until that level is recovered.
Note
Nothing to do. Crab market until levels get reclaim or it aims for lower.
Will take action above $2900. As is the pivotal level for 2024.
Below $2530 I'll start flipping bearish.
Note
No action.
Interest in
ETH appears to be low at the moment. Efforts to spark a bullish trend have been exhausted for many holders, possibly dampening hopes for an upcoming alt season.
As long as it remains below $2800 - $2900, there’s little interest in this asset. There are more appealing opportunities elsewhere.
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To be honest, the weakness in
ETH has been a drag on the entire crypto market. Rotation among most L1s has been sluggish, with only a few narratives benefiting from this. New market dynamics have shifted the landscape, and adaptation is necessary.
This isn’t a new development; it’s been unfolding since
BITCOIN first rallied above 30k
Trade active
It’s been long enough, and it has followed the squiggly line perfectly.
Now I’m finally seeing constructive price action that makes me ready to take the trade.
I’m anticipating a break of the trend line and aiming for a reclaim of 2900. That would flip everything bullish and set us up for a trendy move from there.
BTC is in the process of making a higher low. Once it does—hopefully soon—we’ll be able to move from there!
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