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$ETH Currently around 2194 USDT. Do you think we should keep grinding higher here, or is it about time for a pullback?
If I had to give a conclusion, I would lean more towards: after a rally, first wash out a bit.
Here's my main perspective:
First, the price is already close to the resistance zone, and the upside potential and risk-reward ratio are average.
Second, the continuation after a rally is usually weak, and chasing long positions can lead to awkward entry points.
To add one more point, a waterfall pattern should quickly make new lows; if it doesn't fall fast, it's not a strong waterfall.
A more comfortable entry point: 2211
Estimated target price: 2080
Stop-loss reference: 2264
But the biggest risk at this level is a sharp drop followed by an immediate rebound.
If you were trading this, would you prefer to buy first and watch a bit longer, or just avoid it altogether?
#ETH