Ethereum has decided that $4k is a good place to take a much needed break after a sustained pump. BTC also tanking 13% yesterday made it inevitable (below my BTC idea).
Therefore, bias on the short term on ETH is bearish. I expect us to re-test our second trendline before any sustained push higher.
A break above $4k resistance will be very bullish, but until then we're likely to correct here or consolidate. Also watch Bitcoin as that will impact ETH and BTC is quite bearish for now.
Overall, ETH looks much better than Bitcoin and the trend remains very bullish on the medium to long term. A successful re-test of trendline no. 2 as support will give us the confidence to go higher. Just a matter of time.
A break of trendline no. 2 would be quite bearish and will indicate a longer correction / consolidation. But it is too early to argue for that. For now we remain in this beautiful ascending channel.
Indicators are also bullish, but on lower timeframes such as daily we will cool-down a bit. Weekly still remains very bullish for now. We will have to re-assess in a week or so.
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Therefore, bias on the short term on ETH is bearish. I expect us to re-test our second trendline before any sustained push higher.
A break above $4k resistance will be very bullish, but until then we're likely to correct here or consolidate. Also watch Bitcoin as that will impact ETH and BTC is quite bearish for now.
Overall, ETH looks much better than Bitcoin and the trend remains very bullish on the medium to long term. A successful re-test of trendline no. 2 as support will give us the confidence to go higher. Just a matter of time.
A break of trendline no. 2 would be quite bearish and will indicate a longer correction / consolidation. But it is too early to argue for that. For now we remain in this beautiful ascending channel.
Indicators are also bullish, but on lower timeframes such as daily we will cool-down a bit. Weekly still remains very bullish for now. We will have to re-assess in a week or so.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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