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#Ethereum moves within same range. Since last review touched the top, got rejected and pulled back to the middle. If the middle will be lost we should expect $ETH to return back to the bottom.
Ranges have very few very understandable rules:
1) Range remain range until broken.
2) Trade only range bottom and top. Do not enter trades in the middle as you'll be chopped away.
3) The more times range border is tested the weaker it becomes. That is a general rule for all SR levels.
Since ETF trading won't start anywhere soon, #ETH will be shaking off weak hands and move within the range till anything happen. Like stock crash or pump, caused by war escalation or peace treaty. Whatever. My idea is that crypto fundamentals are on pause and market is easier influenced by outside events.
P.S. Don't forget about higher timeframe range. Its also bullish, but with middle around 3400
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So what do we have from TA point of view? Yesterday's volatility formed potential range for bullish consolidation scenario. Top at 3950 and Bottom at 3525 (although I have a feeling bottom should be moved higher to ~3630). All that within higher timeframe consolidation range I wrote described before. Last dip touched the top of that week range middle zone.
All that folds up in something very easy to interpret. Ranges have very few very understandable rules:
1) Range remain range until broken.
2) Trade only range bottom and top. Do not enter trades in the middle as you'll be chopped away.
3) The more times range border is tested the weaker it becomes. That is a general rule for all SR levels.
Summary. $ETH is within Week bull flag and now forming a bull flag at lower timeframe. Might look like shit here, but main bias remains bullish. At least while it stays above ~3400.
Will #ETH break out 4100? Yes. When will it happen? I have no idea and recommend you to avoid giving such forecasts as well.
#ETHETFsApproved
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