Ethereum daily - likely pullback as we found strong resistance
Ethereum daily was in a big symmetrical triangle after which its breakout was out of the pattern. It's cleared 200 days MA and now found resistance at high just days before FTX collapse.
It is above all major MA which is bullish.
Volume is not best but it is confirming this price moves out of the symmetrical triangle.
RSI is way overbought and it had very strong negative bearish divergences which indicate a retracement.
MACD is also overbought.
Overall: Ethereum is due for a pullback. Would be nice to see a pullback on lower volume while candles would not be big yet it would be smaller and smaller. In that case, we could see the development of the Bullpullback pattern and a strong move up and continuation of the price.
However, if we see a correction on bigger volume and bigger candles in drop, it will indicate we still have room to go down and revisit lows.
It is above all major MA which is bullish.
Volume is not best but it is confirming this price moves out of the symmetrical triangle.
RSI is way overbought and it had very strong negative bearish divergences which indicate a retracement.
MACD is also overbought.
Overall: Ethereum is due for a pullback. Would be nice to see a pullback on lower volume while candles would not be big yet it would be smaller and smaller. In that case, we could see the development of the Bullpullback pattern and a strong move up and continuation of the price.
However, if we see a correction on bigger volume and bigger candles in drop, it will indicate we still have room to go down and revisit lows.
Consistency is the key of success....