Happy long weekend! Will ETH continue to stall?It can be a bit demotivating to do ETH technical analysis this week. Price is dictated by BTC, ETH in limbo and both macro and micro level data is just gone stale.
For those who are new to my posts, here is a quick recap of the last 4-5 days:
- March 13-14th price movement indicated ETH moving into Head and Shoulders pattern.
- Around March 16th ETH should have reached the low of ~$1700 to start formin the right shoulder
- Volume, demand and volatility slowed down and for the last 2 days market remained stale (~1.5% price movement)
- Many daily traders are taking a long weekend off as 1% profit or loss is not worth the time (compared to 8-12% profit we achieve daily on regular days*)
- If H&S pattern will continue, it is very likely next week will start at around $1700-1650 point.
- There are a lot of speculations regarding M1, it's effect on all global markets and if it will drive all crypto price up, however at the moment there are no clear indications of a significant rise in the next day or two.
Of course, noting is set and stone in crypto markets and things can dramatically shift any second. You will need to decide for yourself if this long weekend is worth being glued to the screen 😄
Today's technicals:
Position is Long
Forecasted highs at $1860 & $1900
Mid-way point at $1820
Forecasted lows at $1760, $1730
Have fun taking your time off! ☀😎🍹
I am off for the next few days, see you on Monday! 🏖
