ETHUSD → Manipulating growth before liquidation
Updated
ETHUSD is forming a counter-trend bounce and is aiming for strong resistance amid a bearish trend. The project is going through a rough patch, fumbling for a market bottom... ETH faces troubles::
WisdomTree has requested the withdrawal of its ETH (Ethereum Trust) fund registration application three years after filing with the SEC. Earlier, VanEck closed its futures ETH-ETF, citing lack of demand.
Likewise, indicators suggest that Whale stopped accumulating ETH since July. Since then, they have been mostly selling.
Technically, we see the market being squeezed by strong resistance: trend lines as well as moving averages, which may negatively affect the market, keeping the coin from rising.
Resistance levels: 2375, 2460, 2510.
Support levels: 2309, 2111
The coin is heading towards the resistance and liquidity area amid a bearish trend. This can be seen as a manipulated move to capture liquidity before further testing the intermediate bottom. I expect a decline from the mentioned zones towards 2100-2000.
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Regards R. Linda!
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Growth is happening in a very hard way. If the coin fixes below 2309, the fall may continue earlierTrade active
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