Ethereum Breakout Fractal Forecasts Downside
Updated
Ethereum's breakout (potential fractal) points towards downside and volatility through May. The scaled fractal elements are marked: 1, 2, and 3.
ETHUSD's downside amount was calculated with Fibonacci, backed by an ascending support level and Volume Profile point-of-control. In order for Ethereum to reverse to the upside, there would have to be a significant uptick in on-balance volume (orange indicator). Currently, smart-money appears to be sending Ethereum lower.
Once this 'correction' is complete, I do anticipate a major, cyclical, parabolic, bullish oscillation to the upside. This would be backed by OBV and would putETHUSD in a position to challenge its extremely strong linear resistance.
ETHUSD's downside amount was calculated with Fibonacci, backed by an ascending support level and Volume Profile point-of-control. In order for Ethereum to reverse to the upside, there would have to be a significant uptick in on-balance volume (orange indicator). Currently, smart-money appears to be sending Ethereum lower. Once this 'correction' is complete, I do anticipate a major, cyclical, parabolic, bullish oscillation to the upside. This would be backed by OBV and would put
ETHUSD in a position to challenge its extremely strong linear resistance. Trade closed: target reached
That was fast!! Ethereum tanked 35% in 24 hours to close well below my indicated target amount. And it did so in the span of a few days, as opposed to the months my bar forecast allowed. I'm blown away by how fast this worked.
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