Ethereum Retraces, $2800's Still a Barrier

28 feb 2022

Ethereum made a run for highs. At the same time Bitcoin was testing 40K, ETH was testing $2852. Several red red triangles on the KRI confirmed resistance as we attempted to break higher, and proved that $2852 was a max upper bound. We have since retraced back to $2556, deeper in the 2K handle. The Kovach OBV is flat, suggesting current levels should hold unless we get another burst of momentum. If current levels do not hold, then there is a vacuum zone down to $2454, with lows at $2324 a likely floor. If we see some bull momentum, then $2852 is the level to break before we can consider 3K again.