ETH has been very weak in the last time. Only in the last 10 days ETH has seen some strength.
This opens the possibility for a positive chart pattern: inverse shoulder - head - shoulder.
For this the price has to continue the rise into the trend channel up to approx 280$ (resistance coming from fib retracement 0 / upper limit of trend channel).
If so, we can consider the corrective wave C to be ended on the last low. And of course we would have entered the motive waves.
Actually ETH rebounded at the lower limit of the negative trend channel and with the weakening RSI this isn´t giving a positive sign.
As long as ETH doesn´t enter the mentioned trend channel and doesn´t climb up to the next resistance level, it will stay weak.
Before making new investments I would consider to wait and see whether ETH enters the trend channel or not.
No trading advice!
This opens the possibility for a positive chart pattern: inverse shoulder - head - shoulder.
For this the price has to continue the rise into the trend channel up to approx 280$ (resistance coming from fib retracement 0 / upper limit of trend channel).
If so, we can consider the corrective wave C to be ended on the last low. And of course we would have entered the motive waves.
Actually ETH rebounded at the lower limit of the negative trend channel and with the weakening RSI this isn´t giving a positive sign.
As long as ETH doesn´t enter the mentioned trend channel and doesn´t climb up to the next resistance level, it will stay weak.
Before making new investments I would consider to wait and see whether ETH enters the trend channel or not.
No trading advice!
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