ETHEREUM Similarities with early 2019 and the Death Cross

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** The Bearish Megaphone and Death Cross **
ETHUSD is on a strong 4 week rise since the $90.00 bottom. That bottom was made on the Lower Low trend line of the Bearish Megaphone pattern that started with June's $365 High, so technically it was backed up. A interesting mix of bearish signs arises as the price is now not only just below the 0.618 Fibonacci retracement level (counting 290.00 as the High) but also a Death Cross on the 1D chart (MA50 crossing below the MA200) is emerging.


** The Fractals **
The above combination of indicators is bearish. On top of that I have discovered similarities on the current trading pattern from the 290 High to the 90 Low (Fractal 1) with the September 2018 - January 2019 sequence (Fractal 2). As you see on the chart, both Fractals stopped on roughly a -68% decline from their Top. Fractal 1 was rejected on its first (and second later) test on the 0.618 Fibonacci level and pulled back to find Support roughly on the 0.236. Assuming the current Death Cross takes effect, we can expect a similar rejection on the 0.618 Fib level (around 185.00) and a pull back to 0.236 Fib (roughly 120.00), assuming the pattern is replicated on the exact same fashion.


Based on Fractal 1 and that pattern alone, we can expect ETH to touch $290.00 again by September 2020. Do you agree with this idea? Feel free to share your work and let me know in the comments section!

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