ETH on the 4H
Price is pulling back again — mostly due to sticky inflation.
Even though YoY CPI came in at 2.8% (vs 2.7% expected), MoM data was on target, so the market may just be pricing in “higher for longer.”
Back to the chart — not much has changed.
ETH is still holding above both the 0.236 Fib and the 50MA.
The next real resistance is around $4,000.
Personally, I’d rather see price consolidate and gear up for a clean breakout than rush into it and get rejected.
Right now, it feels like ETH is waiting for direction.
It had a reason to drop — and didn’t.
It had a reason to fly — and paused.
Could be prepping for a boring chop before a sudden move.
I'm still bullish overall. Holding a long.
If it moves against me, I’ll scale out.
If it breaks higher, I’ll scale in.
Always take profits and manage risk.
Interaction is welcome.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.