This is a daily chart of the macro price range ETH has been stuck in for past months. While today we did see a small price pump on the bullish news of pay pal proclaiming to be entering the crypto space we must consider the current environment.
Bullish news certainly has the potential to flip bearish price action to bullish but more often than not it simply pumps price back into a wall of sell orders that sent price down initially.
On this daily chart we can see that as of writing price has not yet broken the POC of this macro price range and if it rejects below a revisit of the lower value area is typical.
Also considering there is a decent sized fair value gap below that is corresponding with the golden retracement zone lower prices may still be on the horizon.
If enough new capital TRUELY comes into the market we should see a break of the high volume POC and a retest to confirm.
Trade well and let the herd do as they do......
Bullish news certainly has the potential to flip bearish price action to bullish but more often than not it simply pumps price back into a wall of sell orders that sent price down initially.
On this daily chart we can see that as of writing price has not yet broken the POC of this macro price range and if it rejects below a revisit of the lower value area is typical.
Also considering there is a decent sized fair value gap below that is corresponding with the golden retracement zone lower prices may still be on the horizon.
If enough new capital TRUELY comes into the market we should see a break of the high volume POC and a retest to confirm.
Trade well and let the herd do as they do......
