Will there be enough bullish sentiment after capitulation?
In order for ETH/USD to maintain the support of the bull trend it has been in on the weekly time-frame all these months, there will have to be an enormous amount of bullish sentiment.
The bearish price action on shorter time-frames throughout the entire crypto space at the moment suggests that there will soon be a capitulation phase that will certainly bring ETH's price well below this support.
All hope is not lost, however, as a weekly candle wicking below the support with a green body close and tiny to non-existent topside wick would be a VERY strong bull hammer candle.
On a weekly timeframe, especially if there is a ton of volume for that candle, will be a strong signal that the trend support will continue to hold throughout the rest of the calendar year.
However, failing to return above the support before weekly close after the capitulation will very likely result in an extended bear market with a true market bottom somewhere in 2022 or 2023.
This may or may not coincide with Bitcoin and other cryptos.
I intend on trading coin-margined ETH futures as well as continuing to accumulate ETH in spot markets to maximize my ETH holdings throughout this consolidation or bearish reversal / bear market.
Eventually, ETH will break its all-time-high, and I will want to have accumulated as much as humanly possible during this long-term Ethereum sale.
The bearish price action on shorter time-frames throughout the entire crypto space at the moment suggests that there will soon be a capitulation phase that will certainly bring ETH's price well below this support.
All hope is not lost, however, as a weekly candle wicking below the support with a green body close and tiny to non-existent topside wick would be a VERY strong bull hammer candle.
On a weekly timeframe, especially if there is a ton of volume for that candle, will be a strong signal that the trend support will continue to hold throughout the rest of the calendar year.
However, failing to return above the support before weekly close after the capitulation will very likely result in an extended bear market with a true market bottom somewhere in 2022 or 2023.
This may or may not coincide with Bitcoin and other cryptos.
I intend on trading coin-margined ETH futures as well as continuing to accumulate ETH in spot markets to maximize my ETH holdings throughout this consolidation or bearish reversal / bear market.
Eventually, ETH will break its all-time-high, and I will want to have accumulated as much as humanly possible during this long-term Ethereum sale.
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