Ethereum (ETH) has just run into resistance at the 61.8% fib retracement level against Bitcoin (BTC). On the ETH/USD front it is still surging higher but it appears to have hit the wall against Bitcoin (BTC). We can also observe on the daily chart for ETH/BTC that the pair has run into a strong trend line resistance. The manner in which the pair has been pumping recently is obviously a sign of manipulation but there’s more to it. This is also a sign of desperation. There is a reason the big players in this market are in such haste; they are running out of time to trap in retail traders because the stock market is ready to begin its next downtrend and they want to pull their money out of the market before that happens.
The upcoming halving has provided them the perfect opportunity to prey on retail traders but they have to get as many of them excited as they can by printing large green candles. However, they also have to be careful not to let too many people get on the other side of the trade at good prices. Most professional traders in this market that have even a year or two of experience in other financial markets can tell what is really going on here and what might happen next. There is a reason why financial giants like Goldman Sachs and Morgan Stanley want nothing to do with cryptocurrencies. They know where it is headed. They are never late to the party regardless of what your favorite crypto shiller or group leader might have you believe.
The daily chart for Ethereum (ETH) shows that the price now at a decision point.