ETH WEEKLY : 12/12/20 First one...be kind

ETH WEEKLY : 12/12/20
First one...be kind

Technical' s
15M: V.Bullish
1HR: Bullish
4HR: Bearish
Daily: Neurtal
Weekly: Bullish
Monthly: V.Bullish
Overall: Bullish - Potential Breakup

Buy/Sell Wall:
Not much commitment in the immediate range - Huge support at the 500 region
Buys
520 - 480 - 49K ETH (Big Bounce expected here)
Sells
600 - 620 - 25k ETH

Volatility: Steady decent - break out of this falling wedge could see big break up and volatility

Local Support: $529.84
Next Support: $480.45

Local Resistance: $579.74
Next Resistance: $600

Fundamentals:
- GrayScale Buys Another 130,000 ETH - Bullish

Personal Opinion:

I am not going to make any bold statements in where this is going to go although with some good buying strength coming in from Greyscale that will help bolster a move out of this falling wedge and up to the local resistance (580), with a potential rejection to 550 - then it is a make or break moment to start taking a more committed direction and likely BTC dependant.

I am leaning to a bullish sentiment over the next 24-48 hours with a potential retest of 600 region.