ETH dropped like BTC (see below my BTC idea) with a nasty wick down yesterday that took us all the way under $2,000. This shows bots panicked a bit and a liquidation cascade took effect. Over $1 billion was lost in liquidations yesterday... nasty. Reminder to not use leverage and if you do don't go over 5x...
Having said that, price is currently in search for support. BTC seems to be doing better in this regards, however, ETH has not yet found any support and the first good candidate for that is the $2,100 level. If that fails the next level to hold us is just under $2,000. A crash of the price below that level will not be good for ETH as it will invalidate our ascending trend here, indicated by our white trendline.
The daily indicators are also looking a bit bearish and volume on this drop increased = BEARISH... hmm...
It's really up to support now to stop this correction, otherwise, the trend may continue to be bearish in the near term. On 4h the indicators want to have a break from this down trend so we may turn bullish as long as support holds...
Do not buy ETH here. Wait to find support. Nor short, we are too close to support to do that. Patience is key.
With that said, watch alts as if ETH is bearish, they won't do particularly well either, except Doge, that thing is just... on Mars with Elon Musk drinking cocktails. 🤣
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Having said that, price is currently in search for support. BTC seems to be doing better in this regards, however, ETH has not yet found any support and the first good candidate for that is the $2,100 level. If that fails the next level to hold us is just under $2,000. A crash of the price below that level will not be good for ETH as it will invalidate our ascending trend here, indicated by our white trendline.
The daily indicators are also looking a bit bearish and volume on this drop increased = BEARISH... hmm...
It's really up to support now to stop this correction, otherwise, the trend may continue to be bearish in the near term. On 4h the indicators want to have a break from this down trend so we may turn bullish as long as support holds...
Do not buy ETH here. Wait to find support. Nor short, we are too close to support to do that. Patience is key.
With that said, watch alts as if ETH is bearish, they won't do particularly well either, except Doge, that thing is just... on Mars with Elon Musk drinking cocktails. 🤣
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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