Ethereum has tested the 20 day EMA again within the past 24 hours and for the second time in the past week. How long until we see a breakthrough?
ETH looks to be in full on consolidation mode right now, and at this point some predictability would nice right? The beginnings of consolidation almost always have the best swings to be traded before it starts to wind up tighter and tighter.
Looks like the 20 Day EMA is holding us back at the moment, but everything is ephemeral. We are simply observers at this point, capitalizing on opportunities but reminded that everything is in a constant state of flux. Nothing lasts for ever, everything is ephemeral.
Trading Those Swings
Yellow line is 20 day EMA
Some juicy action the past couple days but I don't blame anyone that's stayed away for fear that the market hasn't found it's bottom yet. That said it would not surprise me to see a couple more swings in the area of 10% or possibly more in the next week or two.
Hard to say what is going to happen, traders were apparently loading up on 8k Ethereum options for July less than a month ago, but that was before the recent blood bath that may have pushed those target dates back a little.
I can see ETH consolidating until mid June before any major action, it's going to need time to build power before it's next move.
It would be a positive sign to see ETH break above the 20 Day EMA in the short term, test, test, and break above. Give us a sign! Show us you're still alive!
Please No More FUD
There will probably always be a steady stream of FUD ready to put the market in check but here's hoping we can have just a couple of low key boring weeks with no bad news. Let this consolidation cook, lets hang a DO NOT DISTURB sign on ETH.
Two questions for those of you here.
How long until ETH breaks above the 20 Day EMA? and How long does the market consolidate before it breaks up or down..?
Ciao for now,
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