Ethereum Turns Red: Weekly Timeframe (Candlestick Reading)
Updated
Ethereum's weekly session is now turning red. The week started green, the first two days, and today we are seeing a reversal of the recent bullish action.
There is no volume on this chart.
➖ Since May, each time there is a drop, ETHUSDT produces two green sessions followed by the resumption of the bearish move.
➖ This happened in July, then in August and then same dynamic is playing out now; September.
The last two weeks closed green and this week doesn't look good.
Baseline level as support was challenged recently, January 2024.
A resumption of the bearish move with such a weak pull-back signals a strong lower low.
➢ The price range for the lower low is 1,750 - 1,500.
➢ The second range sits in the low 1000s.
There you have it.
Namaste.
There is no volume on this chart.
➖ Since May, each time there is a drop, ETHUSDT produces two green sessions followed by the resumption of the bearish move.
➖ This happened in July, then in August and then same dynamic is playing out now; September.
The last two weeks closed green and this week doesn't look good.
Baseline level as support was challenged recently, January 2024.
A resumption of the bearish move with such a weak pull-back signals a strong lower low.
➢ The price range for the lower low is 1,750 - 1,500.
➢ The second range sits in the low 1000s.
There you have it.
Namaste.
Trade active
There is something else to consider, look at this fractal.
In 2022, Ethereum produced this triangle top and then a smaller one. The smaller triangle produced three weeks green, just as we see now and then the biggest crash ever.
In 2024, we have the same triangle top and the smaller triangle is now three weeks green. If the same pattern repeats, we can see a major crash.
Unlike Bitcoin, Ethereum is moving within such a clear and strong downtrend. It leaves no room for doubt, it has been going down.
Let me know what you think.
Namaste.
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