ETH running out of Gas as people complain about high gas fees

28. Feb. 2021

It's not ideal that ETH is clearly below the 50 EMA here, but it is re-testing important previous resistance from January. We could easily see a bounce here and re-test previous highs at 2000 (because nobody expects it to) and even going as high as 2465. Or we'll likely sell off hard from here until we see capitulation and stabilizing at 1000. Either way, good time to sit in cash until we have a better idea of what's likely going to happen. Plus, it seems lately that weekend moves haven't been congruent with dominant price action during the week.