ETH maintained at 2600 to not only prevent a bearish breakout on short-term pattern but also create a bullish breakout at 2750-2800 neckline.Current price looks to test H4 200EMA which lies just under the 3k, an assumed critical resistance zone for long-term growth/correction.
The high volatility of this push may signify a likewise correction to come. This could result back to the anticipated double-bottom where bottom-average was ~2400.
Remember that we're still 'disconnected' from the original bullish long-term trend, we would need to hit mid 4k just to re-enter the low at this point. This could be an indicator that we're in an entirely new trend, and possibly one with opposite momentum overall. The solid purple long-term trendline that was recently marked out aligns parallel to the previous trend but that's not to say it's one and the same; it could easily be an average or high for a new trend, there just hasn't been enough activity in that area to make proper connections. Also, I'm not here to say price won't go up but just to keep in mind the big picture and try not to get caught buying the top based off volatility/hype.
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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.