$ETHUSD - Watching the 1930 area closely
Been keeping an eye on $ETHUSD for a while now. It feels like we're just chopping around in a range, but I'm looking at the area just above 1930. The last few days, any push above that level has been met with pretty quick selling pressure. It's not a hard ceiling, but it's certainly acting like a zone where supply is sitting.
My current scenario is that until we can decisively close above, say, 1935-1940 on a daily chart, we're still likely to see sellers step in on rallies. The current price of 1916.67 is right in the middle of this congestion. A clear rejection of that 1930-1935 area again, especially with decreasing volume, would strengthen the argument for a retest of the lower part of this recent range, possibly down towards 1890. The risk to this perspective is a strong, sustained break and close above 1940 with conviction; if that happens, the short-term landscape definitely shifts, and I'd be looking for higher targets.