Here we have ETH/USD on the 2H chart.
ETH/USD has been trading in a consolidation type structure since price had a large downside correction previously. Price has been trading in a structure with a horizontal , and a sideway , and both of these levels have been dictating price action since the 22nd December.
Price is continuously testing the horizontal , and testing the lower side-wards . When price is testing the support, it is having clear higher lows, which I expect to eventually be the reason Ethereum breaks out of the current structure level (When price bounces on a higher low of structure, when price is also near the .)
I am expecting Ethereum to pick up some momentum soon. Before this, price might test the sideway support (yet forming a new higher low) at around 690, before a bounce. When the bounce comes into play, price needs to combat 2 above resistance zones. These are:
-Resistance zone 1 / Target 1: Between 750 and 780.
-Resistance zone 2 / Target 2: Between 840 and 870.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
If price breaks the top , there is actually a possibility for an up move all the way to 1110.00. But this would probably take quite some time to materialize, but still, possible.
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