TA wise there is a lot going on with ETH at the moment. My apologies that the chart is starting to look messy, but I feel like I need everything to remain there as all notations are relevant. Most significantly, since yesterday ETH has broken down out of the uptrend it's been trading in. It immediately found support on the top trend line of the longer-term consolidation triangle (thick yellow lines). This was a previous supply zone as well which aided its bounce off the line.
Any further progress up will be hampered by BTC pulling down on the market. ETH will need to overcome the old "uptrend" line that it's just lost and there is a good chance that it could simply be a retest before it continues down following BTC to a lower level of demand. Generally speaking there is widespread weakness and I'm sitting out until I see some genuine momentum building to the upside.
Any further progress up will be hampered by BTC pulling down on the market. ETH will need to overcome the old "uptrend" line that it's just lost and there is a good chance that it could simply be a retest before it continues down following BTC to a lower level of demand. Generally speaking there is widespread weakness and I'm sitting out until I see some genuine momentum building to the upside.
