ETH/USD
Market Meditations | March 21, 2022
Macro Structure: Recently rejected just below the $3k level. Price has been ranging for a while, with $3k being the top of the range.
Key Support: $2.4k, or the lower bound of the range.
Key Resistance: $3k. Even above here, there are several levels of resistance and significant resistance at $3.6k.
Looking Forward: Wouldn’t be surprising to see us continue to the bottom of the range ($2.4k level). Not ideal trading conditions for most people given the lack of volatility and trends. More advanced traders thrive in these conditions. For instance, shorting the top of the range at $3k would have worked well.
