There’s not a doubt in my mind that the crypto world is breathing a sigh of relief, now that everything is rallying. Ethereum is well above its psychologically-important $20,000 level, and Ethereum is above its $1,000. I would like to point out, however, that until and unless they cross their horizontal resistance lines, it’s just meandering in a range, as it is inclined to do, sometimes, for weeks:
I know these charts look tick-for-tick identical, but they honestly do represent two totally different crypto coins.
One other item I might add: take a look at the volume, which I’ve emphasized here during recent weeks. The volume being traded right now is absolutely puny compared to what was going on during the sell-off. Yes, crypto might manage to “launch” past those horizontals, and in that instance, there could be a very powerful rally (including, regrettably, in equities). But we ain’t there yet.
