ETHEREUM Supports Hold Despite Bear Volume -- Sideways Trading & Rally Coming

Ethereum has been holding the support levels despite two huge bear volume bars on the hourly chart. The levels have maintained and we've seen more sideways trading action. I'd anticipate this to continue over the next two days at most before finally finding trend line support and seeing the bulls rally to push prices higher.

We're in a really tight zone right now. Overall volumes have been pretty low which could lead to high market volatility. Right now, we're still looking at a lot of support at $602 and $600. Supports below this fall back on trend line supports and then down to the $580 support which is a key support floor that has to hold. A break of this basically leads to a trend lower low and is a bad sign for movement on the bulls side.

Technical indicators are pretty flat right now on the shorter term. We should see these stabilize before letting volume decide which direction we will go.

Right now, I'm sitting tight in my position and being patient. I have my stop loss set at the $580 level now. Nothing major to look at or be concerned with.