Recently I made an analysis on ETH and the fact that it was fighting the yellow dotted resistance. In case of a break out, the dotted top purple resistance line was the target. Congratulations if you to the trade.
For now, ETH is fighting on two fronts. 1: the dotted purple resistance, and 2: the severely overbought RSI .
With the CPI data releasing in approx 10 minutes it's likely that we're going to see volatility coming. In all fairness, we're severely overbought at the moment, so a correction of some sort is in the cards.
In case of a bearish rejection, I'm looking at the yellow dotted line to offer initial support, potentially we can even move to $1300 in the near term.
