Ethereum Stalls After Rally
Ethereum has made a run for higher levels, breaking past the neckline of our head and shoulders pattern at $3042. We are currently meeting resistance at $3200, with a red triangle on the KRI signifying resistance at this level exactly. The Kovach OBV has turned up sharply with the rally, but appears to be leveling off as we have met resistance. If we see another burst of momentum, we must clear the 'head' of the head and shoulders pattern at $3324, before we can have confidence in a bull rally. If we fail to see momentum come through we will likely retrace to $3042 or $2965, where we are likely to support. Recall that the previous value area was the narrow range between $2852 to $2965, so if current levels cannot sustain, then we may return to this range.
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