10.31-11.6 Ethereum Weekly Market Review (Part II)
ETH faces significantly less resistance near the current price level than BTC.
ETH rose close to a given resistance level, and the bulls consistently suppressed the bears during the rally. ETH has been volatile almost continuously since April.
Judging by the ME indicator, the area of the yellow wave representing the bearish trend has almost disappeared and is about to turn into a bullish trend.
Judging by the WTA indicators, although the rise at the beginning of the weekend was close to 1900, there was no blue column representing whales.
This suggests that whales are not in a hurry to take profits, but again, they have reservations about the upside.
We believe that ETH has the potential to continue to rise in the current situation.
Therefore, we raised the resistance level to 1950 and kept the original support level of 1750.
