Can Ethereum see a test down to the 4-hour ascending channel of around 3700? Absolutely. This happens all the time in the markets.
One need only to scan the charts and highlight every drop along its path to see that nothing new is playing out. If Ethereum breaking through this ascending channel, then the continuation of the bull market new ATH most likely is invalidated. As long as this support holds, then we are still well on our way folks.
Remember, a whale address scoped up 596 bitcoins at an average price of $62,934, according to glass-node on-chain data. This means that they spent just over $37.5 million in total.
They want your coins. I wouldn't be so confident this is another shakeout if I haven't studied to macro fibonacci projections extensively, the new reports of 6.5% inflation, as well as the pattern and nature of this drop mimicking others with short-term reversal behavior.
Remember, nothing in crypto is guaranteed, and Black Swan events are always on the table. Best to hedge for any possible moves to play out, and mind your risk management strategies. Learning proper risk management is the only thing that will protect your wealth over the long run.
Cheers!
One need only to scan the charts and highlight every drop along its path to see that nothing new is playing out. If Ethereum breaking through this ascending channel, then the continuation of the bull market new ATH most likely is invalidated. As long as this support holds, then we are still well on our way folks.
Remember, a whale address scoped up 596 bitcoins at an average price of $62,934, according to glass-node on-chain data. This means that they spent just over $37.5 million in total.
They want your coins. I wouldn't be so confident this is another shakeout if I haven't studied to macro fibonacci projections extensively, the new reports of 6.5% inflation, as well as the pattern and nature of this drop mimicking others with short-term reversal behavior.
Remember, nothing in crypto is guaranteed, and Black Swan events are always on the table. Best to hedge for any possible moves to play out, and mind your risk management strategies. Learning proper risk management is the only thing that will protect your wealth over the long run.
Cheers!
Note
Keep in mind that the PWG report on the crackdown of stable coins was just released which could invalidate the possible continuation of this cycle.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.