ETH/USD - Consolidating before another try at ATH...

2021年4月23日

ETH did a great rally the other day only for the party to be stopped by the king taking a dump (aka BTC).

People hoped ETH can pump BTC up as well, but that was misplaced, there is only ONE market leader and that is Bitcoin. ETH has to accept it is only a proxy for altcoins.

Hence, ETH dropped 10% overnight which was quickly recovered which leads me to believe that ETH will consolidate in this area between $2,600 and $2,100 while BTC decides what to do. Once BTC finds a bottom and support, ETH is likely to re-test its current ATH at $2,645 and move towards $3,000.

I believe the current price action and market condition call for a no-trade scenario. Meaning, best to not trade until things get more clear. Sometimes the best trade is ... no trade.

Indicators are somewhat flat / bearish... so likely we will revisit support.

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