There's an across-the-board bounce for cryptos several days ago, spearheaded by Bitcoin which pushed the price above symbolic $7,000 once again.
Overall in the big picture, we still believe this 10% rally doesn't reverse the bearish trend. With respect to ETH, it's obvious the rally doesn't surpass 4h resistance line and price is still concealed in the downtrend channel. Moreover, the rally of ETH doesn't even come close to the daily resistance line which is about 135 as of now.
After the rally, the price action, like many times before, slowly drifted down, a short-lived bounce again.
As such, we think ETH most likely play a weak consolidation between 120-125 price zone in the coming week. Afterwards, the downtrend would resume.
Last week post about ETH:
Overall in the big picture, we still believe this 10% rally doesn't reverse the bearish trend. With respect to ETH, it's obvious the rally doesn't surpass 4h resistance line and price is still concealed in the downtrend channel. Moreover, the rally of ETH doesn't even come close to the daily resistance line which is about 135 as of now.
After the rally, the price action, like many times before, slowly drifted down, a short-lived bounce again.
As such, we think ETH most likely play a weak consolidation between 120-125 price zone in the coming week. Afterwards, the downtrend would resume.
Last week post about ETH:
