ETH has pumped very nicely, we finally got out of the previous range and now we touched $1,700 and quickly turned back (which also coincided with BTC at $38k resistance).
With ETH at these price levels a transaction on ETH can cost up to $20 right now, which starts to put pressure on the network and its users. This will only get worse as we climb higher.
Anyway, back to price action. We have two levels of support beneath us. The first one currently being tested at $1,550 and our previous ATH at $1,470
Indicators on 4h want to take us lower, however on daily we're still looking very bullish, reason why I am bullish biased and I don't think we will get any significant pull back until we are at 2k or above. Even if we dip to touch previous ATH level I remain bullish.
However if we dip below $1,450, then we may need to revisit this bias.
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With ETH at these price levels a transaction on ETH can cost up to $20 right now, which starts to put pressure on the network and its users. This will only get worse as we climb higher.
Anyway, back to price action. We have two levels of support beneath us. The first one currently being tested at $1,550 and our previous ATH at $1,470
Indicators on 4h want to take us lower, however on daily we're still looking very bullish, reason why I am bullish biased and I don't think we will get any significant pull back until we are at 2k or above. Even if we dip to touch previous ATH level I remain bullish.
However if we dip below $1,450, then we may need to revisit this bias.
Like and follow if you liked this idea. Also join me on my crypto community to stay in touch!
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