ETH downward move expected, further 5% drop coming!

The downward momentum is too strong at this time. It looks like we will break the demand zone at the $2600 level and move towards $2400 to retest the lows. We may break down further at this point. I don't think the time is now for all those thinking long. We have to wait for price action to develop and to indicate upward momentum by eliminating the downward momentum. Bears are in control and probably shaken up by the wars and the markets in turmoil overall.

Comment:

After further analysis, the second move I mentioned is a low probability one. There could be a bounce at the $2550 level. If we are successful with that bounce, the trend will change to bullish for the next wave up. Overall still bullish but trying to time exactly to get back in on my long trade :-)

Tomorrow (Sunday) is the day to wait and see how the price momentum will develop.

Comment:

Hold steady folks, don't be fooled but this small high momentum upward move. This only means on the way down it will be a high momentum downward move as the momentum is built up. It's still looking bearish.