$ETH ETHEREUM IS STILL UNDER PRESSURE, AND I'M NOT RUSHING TO CALL A REVERSAL
I used to think that every strong bounce was an opportunity to expect a recovery. Over time, I realised that a falling market needs more than one green candle to change direction.
Ethereum is currently trading around $2,001, and the short-term trend still looks weak. Price is struggling below the $2,010 area, while the broader resistance zone around $2,030 remains important.
What interests me most is the reaction near $1,983. Buyers stepped in after ETH reached that level, but the bounce alone doesn't prove that selling pressure is over.
I would rather wait for ETH to regain important resistance levels and hold above them than assume the bottom is already in.
At the same time, another move toward $1,983 would put that support area under pressure again. If it fails to hold, the market could become weaker.
Personally, I'm watching price action instead of trying to predict every small move. There is no need to be bullish just because the price has bounced, and no need to assume another crash without confirmation.
The real question is whether ETH can turn this bounce into a proper recovery.
#ETH $ETH
@Ethereum Classic
I used to think that every strong bounce was an opportunity to expect a recovery. Over time, I realised that a falling market needs more than one green candle to change direction.
Ethereum is currently trading around $2,001, and the short-term trend still looks weak. Price is struggling below the $2,010 area, while the broader resistance zone around $2,030 remains important.
What interests me most is the reaction near $1,983. Buyers stepped in after ETH reached that level, but the bounce alone doesn't prove that selling pressure is over.
I would rather wait for ETH to regain important resistance levels and hold above them than assume the bottom is already in.
At the same time, another move toward $1,983 would put that support area under pressure again. If it fails to hold, the market could become weaker.
Personally, I'm watching price action instead of trying to predict every small move. There is no need to be bullish just because the price has bounced, and no need to assume another crash without confirmation.
The real question is whether ETH can turn this bounce into a proper recovery.
#ETH $ETH
@Ethereum Classic
