ETH Symmetrical Flag
Updated
After a chaotic week and the second crypto meltdown for 2022 (thanks to the insolvency of FTX this time), it's nice to see a potential bit of relief forming for ETH.
A symmetrical flag is forming close to the bottom end of the recent liquidation. We could see a little bit or relief. A return to pre-meltdown prices doesnt seem likely, however returning to the october average of $1300-$1400 will likely inject some positivity back into the space. What is painful is if the FTX crash didn't occur, we may have seen a strong bullish return to crypto as DXY finished it's triple top and crashed back down to 105.
Hoping to see some long green candles soon.
A symmetrical flag is forming close to the bottom end of the recent liquidation. We could see a little bit or relief. A return to pre-meltdown prices doesnt seem likely, however returning to the october average of $1300-$1400 will likely inject some positivity back into the space. What is painful is if the FTX crash didn't occur, we may have seen a strong bullish return to crypto as DXY finished it's triple top and crashed back down to 105.
Hoping to see some long green candles soon.
Note
the symmetrical triangle did not hold - the FUD is real
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