How long will ETH remain in limbo? What's next?
Tuesday passed uneventfully. As per my recent post "ETH is going down. Opportunity to short", we have explored current market trends and "what if" the worst-case scenario with the market dwelling into limbo. ...And the limbo is what ETH got into. Macro and Micro level data remain almost identical to yesterdays. At some point market will have to make a move, the key question remains - up or down?
At the time of doing ETH technical analysis and posting market data to our Data Money early access community, ETH was at $1789 with the position of Neutral, the recommendation to Short as the market was more or less 50/50. Since then BTC dropped dragging the whole market 0.5% down. Although the price is slightly down, it seems that did not affect the market at all. Market data and price action probability remain more or less the same 50/50. Volume currently just below the recent average indicates that demand is dropping, the market is consolidating and ready for price action.
What does all of that mean? Simply put - the situation is the same since Monday. The market is ready for action, just waiting for someone else to make a move. When everyone is waiting for someone else to make a move - no one moves, low volumes, low demand, low volatility and unfortunately low to none profit for daily traders.
If you are interested to understand why this happens, check out my previous post below where we explored "How and why do we put ourselves into the numbers box?".
Today's technicals:
Position is Neutral (Many of us are shorting since $1789, but now and then market indicates more or less 50/50)
Forecasted highs at $1830 & $1860
Mid-way point at $1812
Forecasted lows remain at $1730, $1700
If this is stressing you out, just set a couple of notifications in case the price move above $1830 or below $1730 and just forget it.
Enjoy your day off! 😎🍹
At the time of doing ETH technical analysis and posting market data to our Data Money early access community, ETH was at $1789 with the position of Neutral, the recommendation to Short as the market was more or less 50/50. Since then BTC dropped dragging the whole market 0.5% down. Although the price is slightly down, it seems that did not affect the market at all. Market data and price action probability remain more or less the same 50/50. Volume currently just below the recent average indicates that demand is dropping, the market is consolidating and ready for price action.
What does all of that mean? Simply put - the situation is the same since Monday. The market is ready for action, just waiting for someone else to make a move. When everyone is waiting for someone else to make a move - no one moves, low volumes, low demand, low volatility and unfortunately low to none profit for daily traders.
If you are interested to understand why this happens, check out my previous post below where we explored "How and why do we put ourselves into the numbers box?".
Today's technicals:
Position is Neutral (Many of us are shorting since $1789, but now and then market indicates more or less 50/50)
Forecasted highs at $1830 & $1860
Mid-way point at $1812
Forecasted lows remain at $1730, $1700
If this is stressing you out, just set a couple of notifications in case the price move above $1830 or below $1730 and just forget it.
Enjoy your day off! 😎🍹
Related publications
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.