ETH: did bulls win or should we stay cautious?

I like these setups where volume, EMAs and price structure come together:
- defending the 2900 lows with good volume
- EMA compression led to a break-out to the upside
- Daily structure is still downward, but we are seeing some constructive price action on lower timeframes

I'm a bit cautious, would have like to see some of those lows swept, but on the other hand it's quite bullish that it got frontran.

Also, I would have like to see a more impulsive move away from the EMA after breaking up from the compression and would rather see a move soon towards 3300.

After that, it's okay if we retest the current area, but 1 or 2 daily closes above 3300 would make me target 3500, where bulls might face a tougher challenge.

Usually I don't care much about FA or narrative, but this pair has been beaten down so much while BTC and SOL stole the show, that it's becoming interesting.

ETF approval would probably causes some impulses up, purely because how bad sentiment is around ETH at the moment.

ETF rejection feels priced in at this point, so even with that outcome I'm not sure if there are many sellers left to sell at this point. With added bonus that Grayscale clients won't be able to sell at NAV for the time being. At this time, ETHE is still trading at a 20% discount to ETH.

Overall market trend, especially BTC, will always have an influence, but I'm cautiously bullish on ETH at least catching a bid relative to the rest of the market at this point.

Comment:

probably safe to say that bulls won