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$ETH – I’m not liking the market structure here very much.
Even though the price has managed to break back above the 1D Bull Market Support Band, which has been a strong reversal spot over the last couple of months, the price still needs to durably reclaim the 0.618 Fibonacci POI, currently sitting at $3,120, in order to flip the low-timeframe outlook bullish again.
Until that happens, I believe that the best approach, just like with Bitcoin, is to remain somewhat cautious and ready for a potential rejection.
That’s why I’m keeping some cash on the side, ready to hedge part of my spot holdings in order to mitigate the short-term downside risk in case of a rejection, since that would open the door for a deeper pullback towards the prior high-timeframe resistance range, marked in green, around $2.7K, before a more durable reversal to the upside.