The price of ethereum ran into resistance around the 3400 area, which just happens to be an area of supply.
New Range Forming???
Looking at the daily chart above we see price broke above the 2900 resistance level and pushed to the 3400 area.
You can see I highlighted a small pause before we got a huge red high volume candle. That represents an area of sellers, hence the supply that is holding price from pushing higher.
Alot of people that got left holding the bag liquidate when they get back to even amongst many other catalysts for supply.
With price hitting its head on this area twice now and the 2900 being the now support it will be interesting to see if price keeps consolidating in the 500 point range.
Consolidating and establishing this as a new range is fine, cus its higher than the prior range so I have no complaints.
A break of 3400 sets price up for a run at the all time highs in the 4ks.
After the move ETH had I don't mind the consolidation here for a potential push to the next level. Patience is fine with me.
Posted Using LeoFinance Beta
Its been a good day for ETH with steady growths across the board. If we can continue this direction and get towards the Aug 24th prices and above towards May's ATH then its good direction to be going in.
Totally agree about certain bag holders selling once they break even, cant hold their nerves.
Posted Using LeoFinance Beta