Ethereum (ETH) has currently reached oversold conditions on shorter time frames. This means that the price could bounce up short term to retest the resistance at $187 or possibly extend a rally towards $200 now that fewer people expect it. However, the price still remains overbought on larger time frames and we still believe that it is far from its true bottom yet. That being said, sharp pullbacks like these are followed by some correction to the upside. The Fear and Greed Index has also risen by two points today which means that investors are eager to buy the pullback which could push the price higher in the near future. Traders who have been shorting all the way from $187 would be best advised to lock in some profits here.
The 1H chart for ETH/USD shows that the majority expected the price to break to the upside which it did but it was a fake out. It was soon followed by a break below the ascending triangle that inflicted maximum pain on overly bullish traders who entered…
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