ETH/USD – Consolidating before another try at ATH…

ETH did a great rally the other day only for the party to be stopped by the king taking a dump ( aka BTC ).

People hoped ETH can pump BTC up as well, but that was misplaced, there is only ONE market leader and that is Bitcoin . ETH has to accept it is only a proxy for altcoins.

Hence, ETH dropped 10% overnight which was quickly recovered which leads me to believe that ETH will consolidate in this area between $2,600 and $2,100 while BTC decides what to do. Once BTC finds a bottom and support, ETH is likely to re-test its current ATH at $2,645 and move towards $3,000.

I believe the current price action and market condition call for a no-trade scenario. Meaning, best to not trade until things get more clear. Sometimes the best trade is … no trade.

Indicators are somewhat flat / bearish … so likely we will revisit support.

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