Today’s report will include:

Entered a deep meditative state and analysed Ethereum with no directional bias, the following was identified.

Ethereum’'s immediate price action remains range bound within a larger trading channel, the last three touches have been dollar respects. Price action is currently gravitating towards resistance again where another rejection can be anticipated.

If this rejection occurs, then there will be a shift in the probability, an increased likelihood of price trading towards the channel low support situated at $2,700.

Points to consider,

The resistance level has multiple technical confluences, that is the key Swing High, .618 Fibonacci and the Daily S/R Resistance. Objectively looking at the chart, it is considered a ZONE of resistance not a price point as such.

Identification of the actual rejection point only becomes predictable once more price action forms around the region. This is why it is always important to wait and observe price as it approaches an identified Point of Interest.

In Ehtereum’s situation, a continued rise into resistance from current region has the probability of resulting into a Swing Failure of the previous key Swing High. This allows for an executable short, price action will then need to be used upon discretion/ management.

Hope this analysis helps.

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Bitcoin Insider bouncing back to work, See you in the next one! 👊