When we look at the chart of ETH, we like what we see.
Right now, bulls and bears are battling right on top of the support zone between 160 - 170. We view it as good for the bulls that there is a temporary stalemate near this 170 level.
One of the keys for ETH is to see if ETHUSD can survive a significant decline in other risk assets. We noticed stocks (QQQ) are starting to fall apart this morning.
Bottom Line: If ETH can stay above the 160-170 with stocks falling apart, it would be an unbelievably good sign for ETH. If ETH holds up, we believe ETHUSD may be forming a base to launch a move to 350.
Right now, bulls and bears are battling right on top of the support zone between 160 - 170. We view it as good for the bulls that there is a temporary stalemate near this 170 level.
One of the keys for ETH is to see if ETHUSD can survive a significant decline in other risk assets. We noticed stocks (QQQ) are starting to fall apart this morning.
Bottom Line: If ETH can stay above the 160-170 with stocks falling apart, it would be an unbelievably good sign for ETH. If ETH holds up, we believe ETHUSD may be forming a base to launch a move to 350.
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