So far, ETH has fallen by -24% in the last week. The miracle we mentioned didn’t happen. The price did not threaten the upper rail, but the slope of falling increased. The long side has no significant defence at the support level(3000) which we set the last recap, even at 2700, which is another important support level. The support level is like the Maginot Line. The short brought the price to where it was six months ago. To make matters worse, with the dominance of the short, there is still 22.4% to fall to the next effective support level.
Conclusion: Mostly falling. Dumping directly to the support position is possible. The performance of the long side in the past few weeks is useless. It is more likely to tumble with some small-size rebound. Due to the increase in the slope, we think that a direct dump to the support level is possible.
Conclusion: Mostly falling. Dumping directly to the support position is possible. The performance of the long side in the past few weeks is useless. It is more likely to tumble with some small-size rebound. Due to the increase in the slope, we think that a direct dump to the support level is possible.
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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.