Hello everyone, Ethereum is backtesting the previous high. The short-term bias for ETH is bearish, and there seems to be a high chance ETH will retest the key weekly support level of around $3900, but I would expect the price to stay above this previous high. Now I am looking for this level to be a strong support region. We are still bullish long-term unless the price breaks our support at $4200 and also go through weekly support at $3900.
The levels to watch
Daily support at $4200
Weakly support a $3900
Point of control (from 250 bars) at $4300 (resistance)
Point of control from the previous day at $4710 (resistance)
The volume and price are decreasing, which is a bullish sign (short-term), but open interest is increasing so which indicates that the current situation is bearish and today's decline may continue or the price will consolidate in the short-term.
It's crucial to see how today’s candle will close. Until then, ETH has really solid support at $4200 which is our previous high. Also, we have strong support at around $3900. As long as that level holds, the cryptocurrency remains bullish in the long term.
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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.