ETH Short term in bad shape

ETH broke that trend line on the right, since then it looks like a confusing correctional move below it. As long as it stays below that red zone and that trend line, the bears are in favor. 230/27 looks like a big neckline (support zone), so if that one breaks, we could see a big drop, possibly to the 190/200 zone even, that is a big support zone though, which has to hold i think to keep the up trend in tact. So this analysis is at first more for a correction of the up trend. Way to soon to say a bear trend is starting here. For that we need Bitcoin below 7500.

So ETH bulls want to see a candle close above 240, otherwise chances remain for a big drop (correction).


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Previous analysis:

Comment:

Yet another failed attempt of the bears. However, not over yet. ETH might give us a good clue here. It just made what looks like a double bottom. Normally 2 options"

1) a double bottom, blue
2) bearish triangle, red

Comment:

Clear the triangle version is playing out, but still hovering above the neckline though. If it would touch the neckline, then it should break as well eventually.

Now if it breaks, it needs to dump straight away towards the triangle target around 228. Anything slow and less, makes it dangerous.

Comment:

Bitcoin and the rest did a nasty fake bounce yesterday when breaking the support, but it was short lived. Now the danger for ETH is, we have what looks like an H&S on the right, at least have a big neckline which broke yesterday around 228/230. Now as long as the price moves below it, bears are in favor. Could make the price drop much more coming week.

However, i have drawn a trend line on the right, we have seen these sneaky trend lines more often past 3 months. Printing a bearish picture while in secret creating what looks like a possible bullish wegde (even though it's an ugly one).

So what the bears want to see, is something like the red line, so dropping clearly below the wedge support line. Bulls wan't to see something like the blue line, keeping the wedge support intact.

Anything above 200ish, could still turn into mid-term bullish. If we would see a big drop to 180ish, afraid the bull fun might be over already, but should not get ahead too much already.