🐳 $ETH The daily chart has formed a golden cross. Let’s take a look from the perspective of chip distribution:
The bearish momentum histogram persisted for 37 daily candles, indicating that bears had been in control for some time. Selling pressure is now starting to fade. However, the crossover is below the zero line, and many positions above are underwater, so a rebound into the previous high-volume trading zone could run into selling from traders looking to break even.
Let’s see together how things unfold.