From TradingView · · 1m 20s
ETH stuck between 2350 and 2550
A trader waits for ETH to break its range while a rate hike and a stalled crypto bill hang over the market.
In brief
A trader waits for ETH to break its range while a rate hike and a stalled crypto bill hang over the market. Until ETH closes outside 2350 or 2550 on the daily, the range is the story and direction is unproven. Originally reported by TradingView.
Volatility is picking up
ETH is moving harder as macro uncertainty drags on. The setup is less about a call and more about waiting for the market to show its hand.
“Volatility is increasing amid sustained uncertainty in the macro environment”
The range that matters
ETH is boxed between 2350 and 2550. Both edges have been tested repeatedly, and neither has given way.
“ETH sits between 2350 and 2550 range with several tests of both local supports and resistance zones”
Two headlines hanging over it
The Clarity Act looks unlikely to pass, and the FOMC is expected to hike rates. Both point the same unhelpful direction for risk assets.
Daily closes are the signal
Intraday wicks past 2350 or 2550 do not count. A daily close outside the range is what would confirm momentum either way.
“looking for closes above or below the 2350 and 2550 levels on the daily to indicate momentum”
Priced in, not ignored
The rate hike and the stalled bill are probably already in the price. That is a reason to keep watching them, not to stop.
“It's reasonable to consider these things priced in but important to monitor”
No trade until it breaks
The plan is patience: track the macro, watch how price behaves at local support and resistance, and let the break pick the direction.
The essence
Until ETH closes outside 2350 or 2550 on the daily, the range is the story and direction is unproven.
