ETH- A fractal repeat of the past?!? Could we go back to 175?
Welcome everyone to this analysis on ETH!
I don't normally do fractals, but I want to point this one out to you. i remember posting about it and remember how similar things were. Before I do, lets recap and then get right to it. Our last analysis on ETH identified that ETH was at a crossroads. That it was either forming a massive bull flag to rally more, or it was going to break down past the channel. At this point ETH has broken down past the channel I drew and has remained below it. This is not a good sign, any buying momentum has dried up. Even with ETH/BTC getting a little bit of upward movement, it still has failed to make any significant progress to the upside. All in all, in the near term this does not appear to bode well for a significant move up in ETH/USD.
RSI has also confirmed divergence and MACD has crossed and is sloping down. Both indicating weakening selling pressure and that more downside is in the cards. Maybe, just maybe we'll move sideways for some time and eventually go back up to the upside. For now, it appears that a retrace is in the cards until we get our large move up to 450. Keep in mind we could potentially go lower than my support zone depending on what happens.
Now - a blast from the past. I posted back in May 2018. Almost 1 year ago. Notice how similar they look? the similar topping pattern, breaking the trendlines. The divergence, the MACD crossover. both look close. Price even doubled back then from 400 to 800, while price now, basically did the same. You can see it did or even more depending on where you measure from. It's time to excercise caution. I am out of my ETH position and will look to rebuy on a dip. This is another time to use caution. Notice how in the last idea ETH went form 800 down to 400 again. Does that mean we go to 150, the 175 support zone? We'll have to see.
Happy trading and hodling,
-Sherem
I don't normally do fractals, but I want to point this one out to you. i remember posting about it and remember how similar things were. Before I do, lets recap and then get right to it. Our last analysis on ETH identified that ETH was at a crossroads. That it was either forming a massive bull flag to rally more, or it was going to break down past the channel. At this point ETH has broken down past the channel I drew and has remained below it. This is not a good sign, any buying momentum has dried up. Even with ETH/BTC getting a little bit of upward movement, it still has failed to make any significant progress to the upside. All in all, in the near term this does not appear to bode well for a significant move up in ETH/USD.
RSI has also confirmed divergence and MACD has crossed and is sloping down. Both indicating weakening selling pressure and that more downside is in the cards. Maybe, just maybe we'll move sideways for some time and eventually go back up to the upside. For now, it appears that a retrace is in the cards until we get our large move up to 450. Keep in mind we could potentially go lower than my support zone depending on what happens.
Now - a blast from the past. I posted back in May 2018. Almost 1 year ago. Notice how similar they look? the similar topping pattern, breaking the trendlines. The divergence, the MACD crossover. both look close. Price even doubled back then from 400 to 800, while price now, basically did the same. You can see it did or even more depending on where you measure from. It's time to excercise caution. I am out of my ETH position and will look to rebuy on a dip. This is another time to use caution. Notice how in the last idea ETH went form 800 down to 400 again. Does that mean we go to 150, the 175 support zone? We'll have to see.
Happy trading and hodling,
-Sherem
Comment:
Here is where i posted about that idea 1 year ago. Guess what happened? down we went.
Comment:
Previous idea for reference :
Comment:
No surprise to us, we head down. We break this 230 area and we go much lower.
Comment:
If ETH rejects this 265 area, it will form this right shoulder quite nicely in preparation for a move down.
