Ethereum Monthly
Not that bullish as Bitcoin but it is in the range that has bullish character.
Why does the range have bullishness?
Because the price is currently above both moving average. The potential pullback to one of these two average is an opportunity for a buy setup.
We would not like to see a test of support ($200). If that happens, it would still be in the range but it is way more bullish when support is frontrunned and now we have the ideal situation for that to happen but one of these two moving averages has to act as support and push price further up.
The close above resistance ($400) can easily push the price up to $600-700.
Not that bullish as Bitcoin but it is in the range that has bullish character.
Why does the range have bullishness?
Because the price is currently above both moving average. The potential pullback to one of these two average is an opportunity for a buy setup.
We would not like to see a test of support ($200). If that happens, it would still be in the range but it is way more bullish when support is frontrunned and now we have the ideal situation for that to happen but one of these two moving averages has to act as support and push price further up.
The close above resistance ($400) can easily push the price up to $600-700.