$ETHUSD - Testing prior support as resistance around 1870
Been watching $ETHUSD this morning, and it's interesting how it's playing out. We've seen a pretty consistent bounce off the lows, but it looks like we're now hitting a critical zone. The area around 1870-1875, which acted as decent support through last week, now seems to be flipping to resistance. I'm seeing a bit of a struggle there, almost like a ceiling forming. The risk to this scenario for me would be a clear, sustained break above 1880 on decent volume; that would suggest a stronger upward push is in play, invalidating this resistance test and potentially opening up a move back towards 1900+. Otherwise, if this 1870-1875 level holds, it could signal further consolidation or a retracement.
Good observation. It's often the case that broken support becomes future resistance, and 1870-1875 definitely looks like a significant level. Are you looking for confirmation of rejection here, or considering a short if it can't push through?