ETH - Recent movements explained

This is for my own reference and benchmarking. Not a financial advisor, not financial advice.


I've read alot of complicated hypothesis' and explanations as to what is happening with ETH lately. But the truth is. It couldn't be more simple. Just look at the daily candles.

Testing $1,950 to confirm support after breaking through it a couple of days ago AFTER it was the MAJOR resistance level for the better part of 2 weeks....is VERY HEALTHY.

Honestly if you know how price discovery works in crypto, the best thing that could possibly happen for a huge ETH breakout IS HAPPENING. This early testing of support is whats going to prevent ETH from dropping to $1,600 when it makes its next move to $2,600.

Just look at BTC the first time we rallied to 41K from 20k...Or when it went from basically 34k to 53k. Thats what happens when you have parabolic growth without stopping to confirm support.

I could not be more bullish on ETH right here. $1,950 was tested three times in 24hrs. Each time it was tested with more aggressive sell volume pressure. This is VERY REASSURING.