Ethereum is dead.

In this technical analysis I will break ETH/USD down by looking into two important observations.

First of all, we see two interesting psychological levels on the chart. The $175 level and the $153 level.

The price is hugging the 175 psychological resistance area here on ETH/USD, which gives a lot of resistance to the current price. However, there is not a fight going on between bears and bulls over this level right now. No, there is nothing going on at all.

Though this level is very important, the price is absolutely dead. We see a BB squeeze (didn't add the indicators here for clutter) in the yellow area with low volatility. Don't overinterpret any price move right now, wait until volume and volatility goes back into the market before you confirm a new direction.

After we get new volatility, I expect these two levels to be the most important, a break out on either side will probably result in a rally of that direction.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

Kommentera:

When looking closer at the chart, I discovered some new psychological support and resistance levels. Check my other idea here on ETH/USD where I go into more details: