Ethereum Rejects Upper Levels

2 Ağu 2022

Ethereum retraced hard from highs around $1748. We were about to clear a dense cluster of levels ending at $1748, but a rejection took us back through the vacuum zone to support at $1547. We are finding support just above this level at $1564 at the time of this writing. If support holds, we could pivot and make a run for that cluster of levels again, starting at $1653. If support does not hold, we could fall further to $1424. The Kovach OBV has slumped significantly, so we will need more momentum to come through if we expect to pivot.