The apparent strength in Ethereum has fizzled dramatically, suggesting that we are not going to see our upside target of $2400 any time soon. We have rejected $2232, after testing the vacuum zone above ever so briefly. Currently, we have broken below $2143 and could be finding support around $2100 at $2087 specifically, which might be a new technical level for us. Broadly, ETH could be forming a head and shoulders, but it is important to wait for the second shoulder to form as confirmation. The Kovach OBV has dipped dramatically, and if support does not hold, $2K will be the final barrier before the $1K handle.
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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.