$ETH Morning ETH Analysis

Compared to BTC, ETH’s rally was stronger, rising to around 1637 at the peak. Unfortunately, the bulls increased volume but couldn’t sustain it. Once price hit the upper resistance level, the upward momentum was directly exhausted. The long/short situation reversed instantly; after the push higher, it fell all the way, closing with a bearish (red) candlestick.

I’ve also told everyone before not to go long at low levels. A more suitable approach is to wait until the price reaches high levels and the resistance zone, then look for shorts.

Trading idea: short around 1620-1640 on a rebound; targets 1585-1530.