ðĨ Ethereum Approaching Massive Resistance: Will It Break Out?
ETH is rapidly approaching the main resistance area since the November FTX sell-off. This resistance area is located around $1350 in yellow.
In my view, it's more likely than not that ETH will break through the resistance. Stocks are showing massive bullish signs, so crypto can't and won't stay behind.
The next hurdle is the diagonal purple resistance. We will likely not break out on the initial push upwards. I'm expecting a minor pull-back, but a eventual break out nevertheless.
Once we break through the diagonal resistance we can make a case for the July bottom being the bear-market bottom. Time will tell!
For now, the dotted purple resistance is the target.
In my view, it's more likely than not that ETH will break through the resistance. Stocks are showing massive bullish signs, so crypto can't and won't stay behind.
The next hurdle is the diagonal purple resistance. We will likely not break out on the initial push upwards. I'm expecting a minor pull-back, but a eventual break out nevertheless.
Once we break through the diagonal resistance we can make a case for the July bottom being the bear-market bottom. Time will tell!
For now, the dotted purple resistance is the target.
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