Update of this TA post
In the short term, it is observed how ETH continues to respect the Wyckoff accumulation pattern.
The momentum of the last 12 hours suggests that ETH is in the SOS (“Sign of Strength”) phase and invalidation would be a drop below $3,140 (LPS: “Last Point of Support”).
- SOS, or Sign of Strength, refers to a price increase followed by expanding spread and relatively higher volume. This occurrence commonly follows a spring, confirming the analyst’s interpretation of the preceding action.
- LPS, or Last Point of Support, denotes the lowest point of a reaction or retracement following an SOS. Reverting to an LPS involves a retracement to a support level that previously acted as resistance, typically with reduced spread and volume. Despite its seemingly singular precision, some charts may exhibit multiple LPS instances.
Consolidation at current levels over the next 24 – 48 hours would be very positive!
