ETH is experiencing a volume and volatility squeeze after recent turbulence in the crypto market, which could mean a big move is on the horizon. Short term trends continue to try and break out to the upside, but get shy at and before the $3000 psychological barrier. Retail is still shell-shocked from the recent sell-off, yet institutional money continues to push higher lows. Both fundamentals and technicals lead me to predict a major breakout to the upside in the short term, past 3k and to the next area of supply at $3300 before experiencing a correction. Long-term I'm extremely bullish.
Commentaire:
As of right now, ETH is still showing relative strength, however, Bitcoin is starting to show weakness and will likely drag the entire market down with it if a violent sell-off occurs. I've moved all of my crypto positions to cash as a precaution.