ETHEREUM Seeing Major Resistance Along $586 Level
$586 has been one tough level. We've seen tests of this up to the $590 level and gotten rejection each time. This also comes despite decent bull volume. Technical indicators now show that bear pressure might be increasing as the bulls struggle to keep prices up.
A pullback would probably see a test of the $560 support first and then $555. Hopefully these two zones will be enough of a mush level to have prices pull back up.
Overall, prices across all crypto markets have been trading sideways for the most part for the last week.
Inside bars are now forming on the daily. I think at this point I'm going to error on the side of caution and wait until there's a break in some direction before entering another position. Indicators and rejection from resistance are probably tipping the scales towards the bulls right now.
Thanks for posting this update! Some good info here
Thank you sir! Have a good weekend!
Happy trading for you too :)
cheers!
I've noted that Ethereum is not following the up and down swings of BTC, BCH or LTC as closely as it normally does. Past observations of ETH behavior has noted a common pattern that was tied closely to BTC price. What could be going on I wonder?