ETH scared bulls with that wick under support only to recover in full and paint a bullish engulfing candle. NICE.
Now we are at local resistance indicated by the dotted lines and if we manage to push ahead ETH is going to try its luck at ATH again. We have not had a proper push above ATH to date and every time we were rejected.
This shows sell pressure is quite strong at ATH and until bears become exhausted we will not breakthrough. Lets see if this attempt bears fruits.
For now I am tentatively bullish as this last 4h candle looks quite good. Indicators on 4h are also curving up nicely.
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Now we are at local resistance indicated by the dotted lines and if we manage to push ahead ETH is going to try its luck at ATH again. We have not had a proper push above ATH to date and every time we were rejected.
This shows sell pressure is quite strong at ATH and until bears become exhausted we will not breakthrough. Lets see if this attempt bears fruits.
For now I am tentatively bullish as this last 4h candle looks quite good. Indicators on 4h are also curving up nicely.
Like and follow if you liked this idea!
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