[ETHUSDT] The Trendline of Doom
The red trendline on ETH's chart is more than just a line—it's where ETH's price has repeatedly made significant contacts, challenging it over five times now. This level has become a make-or-break point.
We see that ETH has already pierced this red line. Although such a breach might seem minor, it often hints at a larger upcoming movement. These initial breaks can act as a signal and a weakening of the support the line has had.
I am predicting a upward consolidation phase for the next couple of days, before a quick correction and liquidity grab to the upside. For ETH, if this rally unfolds as anticipated, it's possible to end with a significant breakthrough of the red trendline. This event would mark a pivotal moment, potentially triggering a rapid descent as the market reacts to the breach. Such a downward move would signal the end of the sideways consolidation and could usher in a period of accelerated selling. If this is to happen, $2020 may be ETH's next stop.
Traders should keep a close watch on how ETH interacts with this red trendline. The smaller timeframe breaches are early signs, but the true test will be whether these initial breaks translate into a larger-scale movement that has been anticipated.
We see that ETH has already pierced this red line. Although such a breach might seem minor, it often hints at a larger upcoming movement. These initial breaks can act as a signal and a weakening of the support the line has had.
I am predicting a upward consolidation phase for the next couple of days, before a quick correction and liquidity grab to the upside. For ETH, if this rally unfolds as anticipated, it's possible to end with a significant breakthrough of the red trendline. This event would mark a pivotal moment, potentially triggering a rapid descent as the market reacts to the breach. Such a downward move would signal the end of the sideways consolidation and could usher in a period of accelerated selling. If this is to happen, $2020 may be ETH's next stop.
Traders should keep a close watch on how ETH interacts with this red trendline. The smaller timeframe breaches are early signs, but the true test will be whether these initial breaks translate into a larger-scale movement that has been anticipated.