ETH:USD - Bears controlling the market
Hello traders, here's a quick setup on ETHUSD daily time frame,
I highlighted the major key level on Ethereum, $167 being a major resistance level turned support , and $157 being the key level of support.
Correlating with the price of BTC which is broke above and currently sitting on a MAJOR resistance/support level of $6000, we have ETH which broke above $167 but then reversed straight back into it, and its now struggling to close above.
Today's candle closure will show us about the trend direction, even though if you look the chart there's room of price action to spike higher to around $200, and looking at the current fundamentals something like that has a great possibility to happen,but if there's one thing I learned from trading Crypto all these years is that whenever the news and major institution are trying to FOMO and pump the price higher, its probably a trap.
My initial target for ETH is $157 and we could also see $153 region being met, but as always on crypto before the bears continue to melt the prices, we could see some manipulative stop-spikes upwards, i,e if we could see today's candle close above $167 and a bullish confirmation following it, It'll probably pump the prices back to $174 - $180
I highlighted the major key level on Ethereum, $167 being a major resistance level turned support , and $157 being the key level of support.
Correlating with the price of BTC which is broke above and currently sitting on a MAJOR resistance/support level of $6000, we have ETH which broke above $167 but then reversed straight back into it, and its now struggling to close above.
Today's candle closure will show us about the trend direction, even though if you look the chart there's room of price action to spike higher to around $200, and looking at the current fundamentals something like that has a great possibility to happen,but if there's one thing I learned from trading Crypto all these years is that whenever the news and major institution are trying to FOMO and pump the price higher, its probably a trap.
My initial target for ETH is $157 and we could also see $153 region being met, but as always on crypto before the bears continue to melt the prices, we could see some manipulative stop-spikes upwards, i,e if we could see today's candle close above $167 and a bullish confirmation following it, It'll probably pump the prices back to $174 - $180
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