ETH - Accumulation vs Distribution!

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hello traders and hodlers! Ok, the bull trend is getting weaker here, let’s talk about it. First and most important, if you are new around here, I invite you to follow me to keep in touch with my analyses. And for a deeper content about my trading methodology, check my social media / website for more details – link below.

Ok, back to ETH, the first sign the trend was getting weaker was when it lost its purple trendline . Now, the 21 ema is flat, the volume is low, and it seems the bulls and the bears are extremely weak and tired. Therefore, we have a boring consolidation. The yellow line is a good support, but I see no clear resistance around. The real question is if this movement is an accumulation or distribution - either way, only a breakout will tell us.

I find the weekly chart worth of studying in this situation:

It did a bullish pivot , yes, but ETH didn’t have the strength to keep going. There are some supports like the fib retracement and the 21 ema , but that’s all. It needs to close above this red line to start to get interesting again.

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