Ethereum, Buyers, Setting Up From Previous Resistance?
Hi, thanks for stopping by to read Monday’s update. Welcome to a new trading week. Today’s focus is on Ethereum.
Crypto’s have seen a mainly lower start to the week, with the top 10 and top 25 seeing 2% falls before pulling back losses. The fightbacks are good if you’re looking from the buyer side, but for now, it just continues to reinforce trading ranges that have been in place since mid-September.
This is the story for Ethereum currently, with buyers and sellers stuck in a range between 1275 and 1370. The range sits in a downtrend, but we see that this level is finding support from previous resistance (1264). This could be seen as a sign of buyer strength, and if we do see a new break higher, this could signal a new run higher. Yes, it is good to see this support lining up with previous resistance, but we still have to note that price remains in a downtrend, and this current congestion could just be a pause before sellers try again.
A higher break out of the range with a new HL would be a good sign from buyers, but a break and close below 1240 could be seen as sellers’ start of a new lower move.
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