Failed breakdown of trending support and is re-entering the bullish pattern.
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Triple bottom.
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I personally think ETH will bottom out shortly and will resume on the rally it started last month. Considering that BTC will attempt to breach a long term trending resistance since the ETF denial, I think we may see a correction to sub-$1000 USD once it goes near ~$1210 USD. With the proceeding selloff, we might see a massive appreciation in Ethereum's value, also considering the fact this month may be filled with ETH developments: ENS, Raiden, EEA partners announcement, etc. Of course I may be very wrong, but I am basing my trades off of this TA and assumptions. ETH failed to positively breach pennant after pennant when it was between 0.057 to 0.04 because it was heavily overbought and the market lacked fresh money to further the price increase. We saw an extended selloff as larger players reaped their profits and pointed it at fresh P&Ds such as Litecoin. We are seeing a further selloff as we are in a gloom-phase in the ETH market, and many people sell in expectancy to purchase lower/people open shorts to close lower. One of the fuels of the next rally will be those same people re-purchasing their positions at higher rates and people covering their shorts.
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Breakout at the end of the falling wedge.