ETHUSDT is breaking through strong resistance formed in the 4090-4100 area on D1-W1. Consolidation is forming after strong growth, which can be seen as a positive sign.
Bitcoin has been looking quite weak recently against ETH, which continues to rally despite Monday's red market. ETH managed to break through the fairly strong resistance level of 4095, and after a strong 25% rally, the price moved into consolidation (trading range 4325-4160, with resistance at 4325 as the trigger).
Technically, we see that the market has stopped updating local lows, and a fourth retest of resistance is forming with reduced volatility, which in general could lead to a breakout attempt. Consolidation of the price above the consolidation resistance could trigger further growth. A channel to the ATH is open...
Resistance levels: 4325, 4450, 4800
Support levels: 4220, 4162, 4095
ETH is quite strong and the market may not allow the price to fall too low, as there is a lot of excitement. However, I do not rule out the possibility that weak Bitcoin will affect ETH, which in turn will test the liquidity zone (4162 - 4095) from below before rising to ATH.
Trade at your own Risk 👍
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