Our bullish thesis in Ethereum (ETH) is playing out nicely. The next critical level in Ethereum (ETH) comes from an intraday chart. We are looking at an 89-minute chart. We sometimes look at 89-minute charts because 89 is a number in the Fibonacci series, and a famous Wall Street technician that we know uses this time to look at short term market movements.

On this chart, we are looking at the 194-197 zone in ETH. We noticed two things about this zone. First, it was where the crash began back at the end of September. Second, there was almost no volume traded at that price zone.

While it may be hard to understand, zones where no volume traded can act as support or resistance zone . In this case, it might be resistance. When a market gets back to a point where the was no volume , bulls and bears must "start over" and fight it out to see who will win at that point.

Bottom Line: If Ethereum (ETH) breaks above 197, 212 is the next objective. We see a pause near 194-197 that might last one or two days at the most.

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