For the last 8 months, ETH has found itself in a strikingly powerful downtrend. It is now down ~86% from its all time high of $1400, and down over 30% in just the last couple days..
Currently Ethereum is piercing downwards out of a 5 month Trendline/Channel. As you can clearly see on the chart below, this is the second time we have found the price below the trendline, however ETH has yet to break a daily candle below the level.
Bear Scenario: IF ETH fails to close the fastly approaching daily above this line, I would expect to continue to correct to the next support around $150
Bull Scenario: IF somehow ETH is able to succeed in redeeming this trendline, I would expect a correction upwards to at least the $230 region.
It is very upsetting to see this market in such a bearish state.
I hope this analysis was helpful to you all, and I wish you all the best of luck.
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
I am seeking advice on my ideas below from traders in various countries. I would like to ask your advice.
And what do you think about the CBOE's ETF at the end of September and the BAKKT Exchange launching in November?
CB58
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It appears we have a serious lack of buyers/believers to replace sellers.This crypto unwinding is a lack of interest.
dee718
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this is awesome... I don't even know whats going on here... but Im printing this and hanging it
And what do you think about the CBOE's ETF at the end of September and the BAKKT Exchange launching in November?