ETH has touched, yet again, the $3,000 resistance. If we look at the indicators, particularly MACD, it would appear, at least on the 3-day timeframe, that this chart may turn bullish.
MACD did a bullish cross when price was on the support line and since then we pumped nicely to the key resistance at $3k.
RSI is moving higher, as does the OBV... However.
Volume continues to decline and this half-assed pump does not bring enough confidence. ETH has to explode above $3k on massive volume, turn this level into support and then run.
Any other scenario is likely bearish.
Hence, I have reservation and as the price action stands now, ETH is still in a range between $2,500 and $3,000.
Don't get excited until we break above.
Bias remains neutral for now.
We could consolidate longer in this range as well, which would be bullish the longer we do it I would say.
I would be careful though. Bear markets can last 1-2 years, not 3 months! A fake pump and then a significant dump is also possible.
Check MACD on monthly, ETH is about to do a bearish cross! BTC already did it... That is not good.
Alas, we will find out.
Like and follow if you liked my idea!
MACD did a bullish cross when price was on the support line and since then we pumped nicely to the key resistance at $3k.
RSI is moving higher, as does the OBV... However.
Volume continues to decline and this half-assed pump does not bring enough confidence. ETH has to explode above $3k on massive volume, turn this level into support and then run.
Any other scenario is likely bearish.
Hence, I have reservation and as the price action stands now, ETH is still in a range between $2,500 and $3,000.
Don't get excited until we break above.
Bias remains neutral for now.
We could consolidate longer in this range as well, which would be bullish the longer we do it I would say.
I would be careful though. Bear markets can last 1-2 years, not 3 months! A fake pump and then a significant dump is also possible.
Check MACD on monthly, ETH is about to do a bearish cross! BTC already did it... That is not good.
Alas, we will find out.
Like and follow if you liked my idea!
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