ETH Update!
In the analysis below, ETH has moved exactly as described. Initially, we saw a small dip, followed by a strong rally around 3056.
Now, ETH is taking a breather. What's next? The first significant resistance level is at 3280, and some traders are already locking in profits while some bears are entering.
What does this mean? One potential scenario is that ETH may experience a minor retracement near 2800 before rallying to 3280 in an attempt to break through resistance.
If ETH retraces first, there’s a higher chance of breaking the 3280 resistance. However, if it heads straight for resistance, the probability of a successful breakout is lower.
Evaluate carefully and manage your risk. Also, keep an eye on BTC, as it's showing signs of a breakout, which could impact ETH’s movement. Position accordingly.
This is not financial advice. DYOR.
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Feel free to ask questions!