ETH - diamond top or the beginning of accumulation phase ?
Hello,
Looking at the ETH post merge can note few observations:
1. We are most probably in a Diamond Top reversal pattern on the 1D chart which is already in play ---> Target: The previous range high right below $1,300.
2. The current price action on the 1D chart looks A LOT similar to the one we had back in the period February-May, 2022.
3. The ETH/USD 1W chart suggest a Wyckoff Distribution #2 is still in play with the price being in Phase D currently. So, we are looking at the following grim scenario
4. But what if we are already in the Accumulation phase ? (bullish case)
Well then we are to see something like this
Cheers,
Looking at the ETH post merge can note few observations:
1. We are most probably in a Diamond Top reversal pattern on the 1D chart which is already in play ---> Target: The previous range high right below $1,300.
2. The current price action on the 1D chart looks A LOT similar to the one we had back in the period February-May, 2022.
3. The ETH/USD 1W chart suggest a Wyckoff Distribution #2 is still in play with the price being in Phase D currently. So, we are looking at the following grim scenario
4. But what if we are already in the Accumulation phase ? (bullish case)
Well then we are to see something like this
Cheers,
Comment:
ETH probably found its bottom here at the low of the range. Next will be a pump to $1,800 - $2,100 in the next 10 days (probably after the FOMC meeting next week) then drop to sub $1,250 levels.
Comment:
Even though we went lower than what I expected, I still think we will see a quick pump before going lower when/if FED raised the rates with 0.75 or even lower.
Also, the price reacted pretty good to the Diamond Top pattern corridor support.
Also, the price reacted pretty good to the Diamond Top pattern corridor support.