Looking at the chart, we're now at a pretty strong supply zone for ETHUSD.
This might signal a rejection is in sight, aiming for the lower demand zone.
However one thing to note is that there's a "V" shape rejection showing bullishness of ETH
So if it plays out, we might see it break this strong supply zone and head up to the next supply zone.
At this point I would remain flat and wait to see what happens on ETH.
If it breaks out upwards with volume, it'll be a long signal.
If no volume comes in, we might be looking at another delayed ALT season.
This might signal a rejection is in sight, aiming for the lower demand zone.
However one thing to note is that there's a "V" shape rejection showing bullishness of ETH
So if it plays out, we might see it break this strong supply zone and head up to the next supply zone.
At this point I would remain flat and wait to see what happens on ETH.
If it breaks out upwards with volume, it'll be a long signal.
If no volume comes in, we might be looking at another delayed ALT season.