Looking at the recent price action inside of the right shoulder, you can see that a smaller was formed at the top of it (in red,) which broke down into a , that ETH is still currently trading in. So, we can see that there is a continuation of patterns, inside of the right shoulder of an even larger pattern. It's obvious to see that a breakdown seems imminent. The neckline of the big pattern is at the 565.50 level, where I have the "bear flag target." Judging by the formations that have been created, that level should be reached, and surpassed.
You can see that ETH remains trapped inside of a large (in blue.) If ETH stays inside of the channel, we will see a test of the black rising by April 18th at the latest, and that is a 100% certainty. So, assuming that ETH stays inside of the , a test of the black should happen within a month or so. Whenever ETH does test that level, assuming we are inside of the , the price will be at most 415. In other words, in the best case scenario, ETH is facing a 40% drop , from the current levels, at a bare minimum, by April 18th, if we stay inside of the . Let that marinate.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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