ETHEREUM Looking To Consolidate -- Is It Likely?
Well after two days of double digits losses, the cryptos seem to have bounced are now looking for consolidation before making a clear break in either direction.
Ethereum has probably been performing the worst. We're seeing a lower high with interesting looking signals and prices that are hoping to hold this consolidation trend line. So far, we have a hold above the 55 EMA which has been a significant level during this pullback. A break is a huge negative as it breaks EMA support, consolidation trend line support, and also a higher low support.
Bull volume has been shrinking, so we might see the bears return in strength again.
I'm currently in cash waiting for some movement to happen and confirm a direction of trend.
Happy trading!!
While reading up on a few things today, I noted that Ethereum is now processing more transactions a day than all other cryptos combined.
Hmmmm....I'm pretty sure the Steem blockchain holds the record for most transactions. Either way I guess that's proof fundamentals don't win.