ETHUSD - Bearish Three-Drives towards Daily 50/100 SMA

ETH is displaying what looks to be a Bearish Three-Drives to challenge the Daily SMA 50 and 100 (Bear Market). Present position has it aligned with another price surge up towards the previous Daily SMA 50 rejection, and a possible tickle of the Daily SMA 100. If the pattern validates, the correction will come at 61.8% correction. Then on we go?

The flip side is that this will maintain its Bullish Sentiment (A Bullish Three-Drives) - and a bounce will occur at the 61.8% Correction to again challenge and overtake the SMA 100. On the 12H Chart, the EMA 12, and 26 can be seen crossing the SMA 50. The last time this occurred was early in December when ETH rallied towards $160.

Good Luck, Traders. May you find yourself on the profitable side of it.

Comment:

Careful of Bearish Signs. The previous Bull run had volume, something this one lacks in terms of follow through. Bulls are going to need a solid move before this breaks SMA50 and 100. If price action can't make it to the top of the channel - recently developed, it would signify a weakening.

I'm thinking reversal without volume.