At this point, the market is likely to see a major battle, and with the Non-Farm Payroll announcement coming out on Friday, I think we are setting up for something rather big.
This is also the major resistance area in the past, so I do think that this is a scenario where we would probably have 2 either take off to the upside or give it up at this point.When I look at this chart, it does not take a lot of imagination to see that the market has formed a major pennant, and now we have broken up above it.
I do believe that Ethereum is going to continue to see a lot of noise around it as we see the upgrade come out, but over the longer term I think it’s simply a situation where we had gotten so cheap that a lot of people are out there willing to take advantage of “cheap Ethereum.” Whether or not that into continuing remains to be seen. However, if we were to break down below the 200-Day, which is just below the pennant, then the market could fall apart. Regardless, I think this is a situation where we are on the precipice of either failing drastically or having a huge move to the upside. With that in mind, let the market tell you what it wants to do, and simply follow.
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