- In my previous analysis, I did mention that ETH's price would not be able pass through 185 , the selling had just taken a pause for now
- Now there is an uprising trend channel but the buying isnt strong enough hence the worst case scenario is that it is a pending bear flag waiting for breaking down as bear flags are continuation pattern
- As highlighted in the chart, the critical zone ETH should not break in order to see light at the end of the tunnel, this area is where ETH really broke out from the whole year of bear trend. this area will be tested heavily.
- For the time being, I am leaning towards to bear side until I see buyers coming back, if not we see even more downside in the middle term.
- Now there is an uprising trend channel but the buying isnt strong enough hence the worst case scenario is that it is a pending bear flag waiting for breaking down as bear flags are continuation pattern
- As highlighted in the chart, the critical zone ETH should not break in order to see light at the end of the tunnel, this area is where ETH really broke out from the whole year of bear trend. this area will be tested heavily.
- For the time being, I am leaning towards to bear side until I see buyers coming back, if not we see even more downside in the middle term.
