Why We Shouldn't Get Excited Over the ETH Rally

31 Ara 2021

Ethereum has found a slight relief rally as we mentioned yesterday. We found support at $3646, and were able to pierce above $3780. We are seeing a red triangle on the KRI just above this level to confirm resistance. We are likely to range and establish value at current levels, but if we have enough in the tank for another rally, then the next target is $3861. There is a vacuum zone after that to $4020, but it does not appear that ETH has enough in the tank for another rally. The Kovach OBV has picked up dramatically with the spike in price but has quickly subsided suggesting momentum has dried up and we will likely retrace or range.