Ethereum continues to push higher, but a key resistance zone is causing a pause in the upward movement. Every day brings new positive developments for the crypto market, from ETF to tokenization news. This pattern reflects the typical progression of a crypto bull cycle. The latest SEC decision regarding a crypto-based ETF adds to the bullish backdrop.
However, a rising dollar index and a slowing momentum of U.S. stock market are having a short-term negative impact. Another reason for the current slowdown is the presence of massive resistance. The long-term trendline from the 2021 top, combined with the horizontal 4100 level, has formed a major resistance zone for Ether.
In the short term, ETHUSD may have formed another flag pattern. If it breaks to the upside, a retest of the 4100 resistance is possible. Today, dovishness level of Powell and the number of dissents in the rate-hold decision could significantly influence the price action.
However, a rising dollar index and a slowing momentum of U.S. stock market are having a short-term negative impact. Another reason for the current slowdown is the presence of massive resistance. The long-term trendline from the 2021 top, combined with the horizontal 4100 level, has formed a major resistance zone for Ether.
In the short term, ETHUSD may have formed another flag pattern. If it breaks to the upside, a retest of the 4100 resistance is possible. Today, dovishness level of Powell and the number of dissents in the rate-hold decision could significantly influence the price action.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.