ETH continues to drop as price flips 3200 critical into resistance.A slight push to ~3300 did occur but only as a short-term recovery and something to be expected during a corrective cycle. My prediction is still 3k before any hope of reversal.
A yellow line has been added to show current estimated support (low). This has been aligned parallel with the previously indicated triangular resistances (solid blue/black) using the vertical black lines.
Spacing between these two zones is not exact and was determined based on breakout areas. However taking the lower spacing and mimicking it off the upper trendline results in a very similar scenario shown by the magenta line. The area between the yellow and magenta line would be considered as a 'buffer zone'.
It's also important to note that these trendlines have a descending angle which depicts bearish momentum. Yes this is true even during bull cycles as it's just based on price movement but the real measure will come down to whether these lines interact with major 'points' in the future.
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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.