🔥 Ethereum Close To A Bounce: Caution Advised!
A couple of days ago I made an analysis on ETH and the short-term price action I was seeing on the chart.
The high-risk bounce attempt failed. Now, bulls hopes are that the low-risk support will hold and cause a move upwards.
The $1500 support area is overlapping with the yellow bounce area. So, in my view, we can definitely see some kind of bounce from there. However, don't keep your hopes up for a retest of $2000. As long as stocks are not in a daily uptrend, we should be happy with a 5%-10% move.
Consequently, the yellow bounce area might as well fail. In that case, the immediate future of ETH seems quite bearish. Be prepared for both outcomes.
My narrative remains bullish as long as ETH trades above the blue dotted support. A daily close below that area might signal that the lows are not in yet and we will dump further.
To make things worse, the ETH merge is just a couple of weeks away. I'm counting on a buy the rumor, sell the news scenario, so more bearish price action in September is to be expected.
The high-risk bounce attempt failed. Now, bulls hopes are that the low-risk support will hold and cause a move upwards.
The $1500 support area is overlapping with the yellow bounce area. So, in my view, we can definitely see some kind of bounce from there. However, don't keep your hopes up for a retest of $2000. As long as stocks are not in a daily uptrend, we should be happy with a 5%-10% move.
Consequently, the yellow bounce area might as well fail. In that case, the immediate future of ETH seems quite bearish. Be prepared for both outcomes.
My narrative remains bullish as long as ETH trades above the blue dotted support. A daily close below that area might signal that the lows are not in yet and we will dump further.
To make things worse, the ETH merge is just a couple of weeks away. I'm counting on a buy the rumor, sell the news scenario, so more bearish price action in September is to be expected.
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