- Bullish vs Bearish - 35%35%
- Probability - 70%70%
Ethereum recorded highs of $150+ on some exchanges yesterday and is appearing to be slowing down and reaching a local top right about the $148 mark and inside the major resistance block. Volume and bearish RSI confluence with the resistance block make it a likely local top.
Entering a long spot or leverages position at this level is a very high risk trade strategy and only a clean break and close above $150 would justify taking such a position. For now, a better strategy would be to wait until consolidation occurs in either of the two support blocks around $136 and $123 before going long.
We don’t see this breaking $150 yet and expect a drop into $136 within the next 24-48 hours. However, any close above $150 would invalidate this idea and continuation towards $170 would be the most likely next target.
Declining volume and long wicks on 4H timeframe makes this setup a higher probability one. The breakdown and support tap needs to occur within the time frame given. Any delay would put strain on current structure breakdown and make a high volume breakup a higher probability outcome.