Etheruem is looking extremely weak at the moment, we have just broken a ercent swing low and looking downwards towards the previous range.
I have a few levels below that give me confluence to believe that ETH will drop as well as many altcoins unless we absoultely find a bounce and soon.
Below you can find the Previous Range point of control marked in Blue.
We also have a weekly level which fueled the latest massive rally.
And lastly a long term upwards trendling dating back nearly 10 years to 2015, and it comes in perfectly with all the other levels making it a massive support zone.
This may mean signal BTC pulling away or maintaing its price level. Albiet, the candles below us would suggest a swift move to the downside as opposed to a slow bleed.
I will be watching this to be a potentiall accumulation period for ETH.
I have a few levels below that give me confluence to believe that ETH will drop as well as many altcoins unless we absoultely find a bounce and soon.
Below you can find the Previous Range point of control marked in Blue.
We also have a weekly level which fueled the latest massive rally.
And lastly a long term upwards trendling dating back nearly 10 years to 2015, and it comes in perfectly with all the other levels making it a massive support zone.
This may mean signal BTC pulling away or maintaing its price level. Albiet, the candles below us would suggest a swift move to the downside as opposed to a slow bleed.
I will be watching this to be a potentiall accumulation period for ETH.
Comment:
This is technical bounce zone for ETH. The reason I remain bearish is because the previous Value Area Low was already lost and retested. Unless this bounce brings us back into it, I believe the probability is more likely to test the liquidity and trendline below.
Comment:
ETH found a nice bounce as I was prepared for. No trade at the moment