Yawn! Ethereum remains stuck in a sideways trend and is very boring to watch.
After breaking above $206, it has tested and failed at $231 as I have predicted. Prepare for a restest for $206 and let's see if it can act as support here.
With that all said, Ethereum looks tired and I am sensing a hard rollover in the near future.
What to watch out for:
- $231: Resistance. I think it's finished testing this at the moment
- $206: Potential support. It will most likely test this again after the recent breakout above it.
In conclusion, boring price action. I think most traders are occupied with the Bitcoin situation and trading Bitcoin Cash than to bother with Ethereum. Stay patient at these levels since direction is undecided but prepare to make a move when the time is right.
