Currently, ethereum is in a bearish pennant, which is a clear signal of an even further downtrend. Looking at bitcoin reinforces that idea. Personally, I short here, expecting a bear market bottom for ethereum around $700-800.
Note
If we grow above 1090 this idea becomes invalidNote
Yesterday here in the comments I indicated that the breakout up can also be a fakeout. As an update indicated that we have to stay below 1090 for this. So far, this idea unfolding and a breakout down still seems like the most obvious scenario. I hope everyone appreciates the updates!Note
We broke 1090, this idea became invalid
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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.