As of now to me it seems ethereum will at least temporarily continue its bullish trajectory. It is trading above the 200ema on the hourly and shorter time frames plus there is a viable bull flag formation. Based on previous resistance zones in conflluence with the bull flag target etc i feel like eth will likely reach around 1350-1360 before a large crash. I feel like that zone in particular will be where the crash occurs as approximately a week ago we experienced a huge crash from that zone after not being able to break out. It went down well over $30 in 5 minutes. Considering how slow the price was moving then, that crash was insane to see , not as harsh as the one we saw yesterday but still brutal for such a small time span. I will keep you updated if there is new data to change my thoughts. As of now though i think this scenario is quite likely.
Note: although it is possible eth continues all the way to 1400 before correcting significantly, i personally think it will not reach there just based on how fast we have moved up from the 1140-1170 local bottom (depends on the exchange you use.). To pump hundreds of dollars within just over 24 hours with no news to propel the move in my eyes is unsustainable
Note: although it is possible eth continues all the way to 1400 before correcting significantly, i personally think it will not reach there just based on how fast we have moved up from the 1140-1170 local bottom (depends on the exchange you use.). To pump hundreds of dollars within just over 24 hours with no news to propel the move in my eyes is unsustainable
