Right now, Ethereum (ETH) is trapped between the horizontal support at 140 and horizontal resistance at 160. Looking at Gann's work (not shown), we see a strong case to stay away from Ethereum (ETH) until it can spend material time above 160.

A "wait and see" mentality is usually extremely unpopular in the crypto community. However, in Ethereum (ETH), it's a must. If this recent rally is a bear trap, Ethereum (ETH) has the most to lose. Specifically, if Ethereum (ETH) can not get above 160, then we can drop the cautious stance.

Bottom Line: You don't know how we would love to see a recovery in Ethereum (ETH) above 160. A recovery above that level would allow for a much more bullish stance on crypto.

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