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ETH Analysis By TomProTrader

Price is at a confusing level still, and we’re waiting for a proper breakdown signal before we jump into the marketplace. Price had a green candle with a large green wick, and since then, it’s been pretty side-wards. There’s some technical factors to bear in mind, such as that price is still right at the 20, and 50 moving average resistance level , therefore from a technical standpoint of stance, price is very bearish in this position. 

Remember price has had the wick I keep mentioning – and this wick hit the side-wards resistance line. The tricky question here is – does the wick signify the top? Or does price need to retest the side-wards resistance level again before breaking down again? The answer is impossible to answer with an accurate conclusion therefore we can only sit and wait for price to do it’s thing for us. 

There’s no point rushing in.Let’s wait for the move to finish for itself. Until then, we can sit on our hands. 

ETH/USD – Waiting For Movement by TomProTrader on TradingView.com

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