Today I decided to take a look at ETH (daily) and the cloud is definitely broken. But will the bullish sentiment last? We had 13 green daily candles in a row and that is pretty impressive. But a pullback has already materialized for BTC. Could be a retest or if we lose support we could see us falling more.
EIP 1559 happens tomorrow according to devs. This could lead to a drop. From past experience these types of events tend to have a steady build up until the event and then a sell off happens. I hope that this event is different. I did see someone compare it to the halving for BTC. That is a bullish prediction for sure...
I see that Bitcoin is testing the 100 EMA on the daily (support) and if it fails we may drop. It may not drop til after the EIP 1559 event or somewhere close to it. I believe ETH is tied to BTC but I also believe if ETH experiences a sell off BTC will experience one as well. I cant promise anything. These events do not happen every day so make sure you set a stop loss if you think we are heading for the moon. Just in case.
2400 (approximately) is support currently and the daily cloud is also support. I am not clairvoyant so I cant tell you what will occur after EIP 1559. What I can say is protect your profit. Set a stop loss! WTFDIK???
TLDR: Set a stop loss! EIP 1559 tomorrow. Exciting times for ETH...
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