ETH/USD - Altcoin season or Fakeout? $3,000 is Key! 🙄

ETH has touched, yet again, the $3,000 resistance. If we look at the indicators, particularly MACD, it would appear, at least on the 3-day timeframe, that this chart may turn bullish.

MACD did a bullish cross when price was on the support line and since then we pumped nicely to the key resistance at $3k.

RSI is moving higher, as does the OBV... However.

Volume continues to decline and this half-assed pump does not bring enough confidence. ETH has to explode above $3k on massive volume, turn this level into support and then run.

Any other scenario is likely bearish.

Hence, I have reservation and as the price action stands now, ETH is still in a range between $2,500 and $3,000.

Don't get excited until we break above.

Bias remains neutral for now.

We could consolidate longer in this range as well, which would be bullish the longer we do it I would say.

I would be careful though. Bear markets can last 1-2 years, not 3 months! A fake pump and then a significant dump is also possible.

Check MACD on monthly, ETH is about to do a bearish cross! BTC already did it... That is not good.

Alas, we will find out.

Like and follow if you liked my idea!