The Truth About the ETH Market: The Main Force is Holding Back Big Moves, a Trend Change is Imminent!
The ETH daily chart is currently being pressed down by two major resistance levels—two previous consolidation ranges and the downward 250-day moving average. But oddly enough, since May 9th, every time there has been a drop, the low has been precisely capped at the top of the large bullish candle from the 9th, which indicates what? There is a main force supporting the market!
Upper resistance level:
It has already surged three times without breaking through, but don't panic! These three attempts have actually exhausted most of the selling pressure, since there weren't many retail investors following the trend during the previous consolidation.
Lower support level:
Every pullback has landed on the top of the bullish candle from the 9th, which represents the “bottom line” set by the main force! Three attempts to break through on the daily chart + bullish alignment of the 4-hour moving averages indicate that the consolidation is nearing its end!
What’s the situation now?
Although it is still fluctuating, the signs of a trend change are becoming stronger! Even if there is another drop, the extent will be limited.
If anyone is feeling confused due to market fluctuations, not knowing how to handle a trapped situation, or feeling misled during their trading process, feel free to reach out for discussion!
