Ethereum Rejected by Daily Resistance on Retest 1

11 days ago
2 Min Read
318 Words

Direct from the desk of Dane Williams.

Remember yesterday when we spoke about Ethereum at daily resistance?

While after Bitcoin has ripped faces off this week, we were certainly in no hurry to be aggressively shorting little brother Ethereum, but the level is significant none the less.

Let's take a look at how price reacted to the first retest of daily resistance.

Ethereum Analysis

Here's the daily zone we were talking about in yesterday's analysis.

It's a pretty obvious one, just purely a swing high that price rejected HARD off last time it retested the zone.

ETH/USD Daily:
Ethereum Daily

Straight into a daily resistance zone.

And now straight out of the daily resistance zone!

ETH/USD Hourly:
Ethereum Hourly

The daily zone has been shown to certainly be significant.

But significant enough to get short?

Well, I'm not so sure.

If you remember back to my trading strategy, after daily resistance holds, we look for short term areas of support that when retested as resistance, can be used to short off.

Nothing really jumps out at me here and my reluctance to aggressively short crypto again is keeping me on the sidelines for now.

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Best of probabilities to you,


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