Hi all,
ETH moved out of the falling wedge, but could not extend the move towards $216.
Still, bulls are keeping the price above the mid-term downtrend and bear pressure seems pretty weak to me given the asset's movement during the past couple of days and the way the price has been recovering in the evening part of the sessions.
On the other hand, RSI is near the overbought zone (considering momentum over 60 as an overbought area, which is quite conservative ) and trading volumes are declining - down to $9-$10 billion on average compared to $12-$13 during the weekend. ETH hasn't been above $220 since the March 8 drop and the horizontal S/R there is also where the Fibb retracement 61.80 is placed in the current downtrend started in February.
I will be neutral here until we hit the mentioned horizontal line.
Cheers,
ETH moved out of the falling wedge, but could not extend the move towards $216.
Still, bulls are keeping the price above the mid-term downtrend and bear pressure seems pretty weak to me given the asset's movement during the past couple of days and the way the price has been recovering in the evening part of the sessions.
On the other hand, RSI is near the overbought zone (considering momentum over 60 as an overbought area, which is quite conservative ) and trading volumes are declining - down to $9-$10 billion on average compared to $12-$13 during the weekend. ETH hasn't been above $220 since the March 8 drop and the horizontal S/R there is also where the Fibb retracement 61.80 is placed in the current downtrend started in February.
I will be neutral here until we hit the mentioned horizontal line.
Cheers,
