ETH Price Prediction! Is This The Bottom?

The current state of the market isn't looking good as all (especially with Celsius halting customer withdraws and 3AC (Three Arrows Capital) potentially getting liquidated soon).

I currently have the Weekly chart for Ethereum with a major trendline (teal line) that's currently being broken and major support/resistance as well. The trendline doesn't look like it'll hold so my next target for ETH will be $800. It's the next major weekly support and the area where I'll start to DCA (dollar cost average).

The next major areas of support are $530 and $300 (both areas that I'll be buying at as well). We can see the Whales buy-sell indicator is still flashing a sell (waiting for a buy signal) and the VMC Cipher B indicator is showing a red dot as well indicating more bearishness short term. The RSVP Extractor is starting to flash oversold on the RSI but I'm not holding my breath as there still seems to be more room for the downside.

I'm playing these next few weeks super safe and waiting for ETH to either hit major support levels, flash green dots/buy signals on the VMC/Whales buy-sell respectively, or cross over the 200 EMA (green line) to show a shift in the trend. I highly recommend you stay safe in stables such as USDC or BUSD for now until things clear up. Stay away from USDT, USDD, and any other stables that have been volatile in the past. It's a big waiting game now and you don't want to rush into anything until the macro environment improves or we get some positive data (FOMC meeting June 15-16th for interest rate hikes).

If you enjoyed my TA or have any questions about the indicators I used, please leave a comment or send me a DM! :)