The crypto market has entered a period of indecision, and Ethereum is no exception.
Since the 17th, ETH has managed a $150 range with alternating red and green days.
You want to avoid this type of price action at all costs.
Even the September 2021 high at $1,790 doesn’t seem to matter much anymore, given that Tuesday’s session closed above but failed to hold on Wednesday.
However, the key for Ethereum bulls this week is to hold the market above $1,680.
Why $1,680?
Because it’s the top of a symmetrical triangle that dates back to September 2021.
That $1,680 area is critical support this week.
It also means that a daily close back below that would be bearish and open up downside targets like $1,560 and $1,500.
That said, we can’t rule out further upside for Ethereum while above levels like $1,680 and the horizontal pivot just above $1,700.
As long as ETH is above those areas on the higher time frames, there’s still a chance we see a run at the $2,000 August high, or at least a spike above this week’s highs.
Of course, given the recent indecisiveness, I can’t say it’s likely.
But we also shouldn’t rule it out while the price is above $1,680.
I’m going to stand aside for now until we have a clearer picture of which way ETH wants to break.
Considering the massive amounts of long liquidations that have built up for both BTC and ETH below current levels, I’m more interested in shorting than longer.
However, I will only short ETH with a higher time frame close below $1,680.
Join us in Discord to see exactly how I’m trading ETH and watch today’s members-only video on DXY, SPX, BTC, and ETH.
