Optimistic signals for ETH, per expert

[Jonter]

There are a series of higher highs relative to the lower BB in the daily chart, signaling strength amid intense selling pressure.

Although buyers are optimistic following encouraging gains at the tail end of January 2022, the upward pressure isn’t convincing for risk-averse traders.

Technically, a close above $2.7k might be the trigger for the next leg up to $3k—and better—in trend continuation.

Presently, the ETHUSDT price formation is within a bear flag due to the inability of optimistic buyers to unwind losses of January 21 and 22. From an effort-versus-results perspective, this is also bearish.

Therefore, if buyers take charge, a conservative strategy is to load on breakouts above $3k. Still, there could be an opportunity for aggressive traders above $2.7k—confirming buyers of January 28.

In that case, ETH could float back to $3k—the immediate buy target. If not, losses below $2.3k may embolden bears aiming at $1.7k—July 2021 lows.



Source: https://crypto-economy.com/ethereum-bulls-confident-eth-shaky-below-2-7k/