Direct from the desk of Dane Williams.
Hey team,
The last time we spoke about Ethereum on the blog, price was retesting daily support.
Before I go any further, take a look at the updated Ethereum daily chart below:
ETH/USD Daily:
What you can see is that price clearly bounced and has rallied higher since.
All the way up to retest the market's all time highs.
While Bitcoin has since printed them, Ethereum hasn't yet.
And what this has done today is give us an opportunity to play the daily range.
Let's now zoom in and take a look at the intraday price action on the 4 hourly bwlow:
ETH/USD 4 Hourly:
I want you to especially concentrate on the bottom line that makes up the range.
See how price continues to spike into it and retest it as support?
No, as you can see it's not perfect.
No support/resistance zone ever will be a perfect brick wall for price otherwise we wouldn't have a market anymore.
But you can see that price is certainly respecting the zone, with buyers being found each time price drops into it.
Exactly the price action we expect when a market is in an overall bullish trend, and then pulls back to retest previous resistance as support.
With price now closer to the top of the range than the bottom, but the overall crypto market having a breather today after Bitcoin printed new all time highs, Ethereum is certainly in an interesting spot.
Keep buying the dips and selling the rips.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.
