Ethereum has one of my favourite and most powerful set-ups, both in price and RSI graph.
But let’s take a step back, what’s happening to the market? Why do we have different prices?
Well, you simply have to check the Bitfinex news, and look at the exchange rate usdt/usd, which is actualy trading around 1.05.
So we now see a price of 169$ but it’s actually 169/1.05 dollars.
Having said this, I think Bitfinex and Tether will solve the issue and the usdt/usd rate will come back to 1.00, but it’s probable that right now it will ramp up to 1.07/1.08. This means that the price of ethereum on bitfinex is expected to go up 3% only because of tether price.
As you can clearly see from the graph, we have this dynamic support that comes from the start of March, and the dynamic resistance that is valid since start of April.
Soon, we will see a breakout in one direction.
From the technical side, I’d bet on the upper break, but from the fundamental analysis, it’s more likely to break on the downwards.
Where do you think it will break?