- ETH broke down from its ascending wedge and lingered a bit before eventually tanking down into demand
- We have solidly dropped into support and so far bounced at the monthly open
- Holding this area is key for bulls BUT selling volume has returned on that drop and we could very well see a drop back to the 61.8%FIB level below, which again coincides with last months open
- The Constantinople upgrade has been hypothesized as the reason for the sustained strength in ETH but if the past has taught us anything, it is "buy the rumor, sell the news"
- The final nail in the coffin for the retest of lows is after the upgrade is announced on Jan 16th
- If we do bounce from here that will be a strong sign but we still need to pay attention to the BTC chart
Thanks guys!