ETH Ethereum Big Inverse H&S Against the Triangle Part 2

ETH has not made a good bounce yet and is still hanging around the current support level. Volume has been dropping as well but that is normal during a sideways correctional move. If this green support breaks, we could see that big inverse H&S play out. At least see that wave down happening. The inverse H&S will of course only play out if we see a big rally happening after finding a support level. So a small bounce which will make a bear flag again, won't do it. Needs te be a V shape low with some high volume selling AND buying.

Support is about to break as i am writing this. A low time frame support just broke already at 107/108. Unless we see a push above that level again, we have to assume we can make a big drop here.



Please don't forget to like if you appreciate this:


To more know, please read my previous analysis as well:

Comment:

Getting above that neckline quickly is important for the bulls. The 110 is the second important level

Comment:

Still no real dumping panic dumping on ETH so far. Volume is nothing special so there is no panic here yet. This suggests that the bulls are still in the building.

But also looking at other alts, there are no bounces up to be seen, so it is very likely to suggest we will make another drop again. For Bitcoin anything below the 3750 is very bearish, only a break of 3800ish might change things a bit

Comment:

Always check my bitcoin analysis to be more up to date, I post much more update on the market there

Comment:

It just keeps on dropping, making that blue line panic dumping becoming a reality at the moment. The only target i can think of is around 87/89, based on that triangle.

A very big squeeze is needed to make sure the low is set. Otherwise it will just drop again sooner or later.