#ETH
Ethereum yesterday’s daily chart, and ETHA as well, saw a high-volume rally. It reached the top of the daily trading range. The question for the daily chart is whether it can break above the current consolidation range in one go. If it forms a false breakout at the top of the range, then most likely it will still need to test around 2350 below.
From the current 4h chart, after a strong high-volume push to the top of the range, the 4h pullback faces very little sell pressure. So here it is likely to continue rallying upward and retest the top of the range again. Going forward, we’ll see whether it breaks out directly with strong volume, or whether after a false breakout at the top of the range it then retraces with high volume and falls back. If it does make a false breakout and retraces with volume, then to the downside it will continue ranging, and most likely it will test 2350 again.
Personally, I think the probability of a strong rebound continuing upward is higher.
Ethereum yesterday’s daily chart, and ETHA as well, saw a high-volume rally. It reached the top of the daily trading range. The question for the daily chart is whether it can break above the current consolidation range in one go. If it forms a false breakout at the top of the range, then most likely it will still need to test around 2350 below.
From the current 4h chart, after a strong high-volume push to the top of the range, the 4h pullback faces very little sell pressure. So here it is likely to continue rallying upward and retest the top of the range again. Going forward, we’ll see whether it breaks out directly with strong volume, or whether after a false breakout at the top of the range it then retraces with high volume and falls back. If it does make a false breakout and retraces with volume, then to the downside it will continue ranging, and most likely it will test 2350 again.
Personally, I think the probability of a strong rebound continuing upward is higher.
