ETHUSD in the past week collapsed to $1'720 and finds support at mid-2021 lows. There is a big probability of over 70% to start some kind of accumulation, but big whales will try to drop it even lower over $1'600 - expecting this scenario in action at the beginning of June. What is the supported thesis technically for the expected scenario on Ethereum?
- 9 months wedge formation will take a pressure on price action in the next 1-2 months
- The MACD indicator hits low points and soon will start forming some flat
- On Daily TF the downside impulse is still not finished
- Don't over-react the situation is still nothing so scary
If you have any questions related to this trading idea I will be happy to provide you with answers.
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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.