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Ultimately, looking for some type of exhaustion to start shorting will be the best way going forward.
Ethereum continues to hang around the $1500 level, an area that we have been dipping around for the last three days in a row. After the initial surge above the 50 Day EMA, the Ethereum market has done very little. This tells me that the market is probably going to continue to see a bit of hesitation, and even if we break above here, it’s likely that the market could go looking as high as the $1800 level in the short term.
It’s worth noting that the $1800 level was significant support previously, so it should offer a significant amount of resistance on the way back up. There is a lot of noise between the $1800 level and the $2000 level, so I think of this more or less as a “zone of resistance.” In other words, if we can break above the $2000 level, then it would be possible to think that the market is in an uptrend again.
More likely than not, we should get a little bit of a pullback, and it’s also likely that we could go down to the 50 Day you may. The 50 Day EMA currently sits just above the $1200 level and is sinking. I think that could offer a little bit of support, and then it’s possible that we could go down below there to break down into the previous consolidation area. In general, this is a market that I think will continue to be very noisy, but it certainly seems to be favoring the downside.
The most recent move has been more about “The Merge”, and the fact that it is supposedly rolling out in September. Whether or not that actually happens is an open question, because Ethereum has been excellent and disappointing with its timelines. Furthermore, you need to keep in mind that the risk appetite out there is dwindling, despite the fact that it has been a little better in the last couple of days. Because of this, I think it’s probably only a matter of time before we pull back in all crypto, not just that they’re in. Ultimately, looking for some type of exhaustion to start shorting will be the best way going forward. It looks like we are working off some of the froth that we eventually got built up in that market.
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