Yawn! Ethereum remains stuck in a sideways trend and is very boring to watch.
After breaking above $206, it has tested and failed at $231 as I have predicted. Prepare for a restest for $206 and let's see if it can act as support here.
With that all said, Ethereum looks tired and I am sensing a hard rollover in the near future.
What to watch out for:
- $231: Resistance. I think it's finished testing this at the moment
- $206: Potential support. It will most likely test this again after the recent breakout above it.
In conclusion, boring price action. I think most traders are occupied with the Bitcoin situation and trading Bitcoin Cash than to bother with Ethereum. Stay patient at these levels since direction is undecided but prepare to make a move when the time is right.
Interesting article. Interesting to see I'm not the only one that is thinking about this. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago This is quite an interesting website I found: https://www.coincheckup.com I'm really enthusiastic about this site, they let you analyze every single coin out there. Check for example: https://www.coincheckup.com/coins/Ethereum#analysis For the Ethereum Analysis.
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