Crypto Daily – Even given the launch of the Spot ETFs, there has been a lot of negativity around the number 2 cryptocurrency by market capitalisation. Will this current rally continue and prove the doubters wrong?
$ETH needs to overcome resistance
Source: TradingView
Looking at the short term 4-hourly chart, it can be observed that the $ETH price has broken the downward trend line, retested, and is meandering sideways. The price nearly got down to the 0.382 fibonacci, so if this bounce continues, it could become bullish.
That said, there is resistance overhead at $2,700, and $2,800, and this will either coincide with the 4-hour stochastic RSI arriving at the top of its trajectory, or the price could have broken through and flipped these levels into support by this time.
Upside momentum is coming for $ETH
Source: TradingView
Zooming right out into the weekly time frame, it can be noted just how strong these resistances can be to…
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