ETH/USD [8H] [2D]
Price shot up a little bit, but things remain largely the same.
We are now testing the nearest resistance zone after breaking from the range.
We still believe price has much potential to go lower inside that 3.9-3.3K ETH area.
One bullish move doesn't mean anything at this point, we will observe further what price will do. However, when you take into account that XRP and BTC also still have a lot of room for bearish continuation, than ETH won't be far off.
React, do not guess.
ETH/USD [4H] [2D]
And of course, also ETH is currently ranging.
Downside potential for ETH remains real and valid, even though we have technically indeed finally pulled-back to local support that we have been warning for many weeks.
At this point I suggest you guys, like I did for myself set up critical price levels where price should return to before even considering longs, even if we have a massive bullish rally, to simply lower the chances of being faked-out.
And I want to once again stress that all of this price action is absolutely normal, do not get fooled by all the news it's part of any price cycle.
Sit on your hands, and let's wait.