ETH bull trend gone for now. Retest or bear trend
Like all the alts ETh also took a very big hit past week which is not normal for a bull trend. This wave down was bigger that the waves up almost. Not in %, but still, it should have never been this big. So what is very likely now, very small chance to see ETH simply recover this huge blow and go back to high 2xx levels again. Think best case we consolidate between 180/250 for a weeks and prob even month or 2.
If we see a quick move above 240ish coming days, than this theory might be wrong. Until then, i would not expect too much from ETH.
On the right we can see it moving against a trend line. The longer it bumps against it the bigger the chances become that it will break up. With Bitcoin moving in a triangle has been good for alts past 2 days. But can't judge if it's false hope or not.
However, even if it breaks up, still a very big chance it will be a fake breakout. I think this, because as mentioned above, the market, alts actually, took such a big hit, i don't see buyers simply go long on sit on it.
So short term it looks like it want's to break up, but i am not expecting that much from it at this point. A break of 212 would make things shaky again and a break of 210 would probably invalidate the attempt to break that trend line. On the upside seems to be around 220.
Previous analysis:
If we see a quick move above 240ish coming days, than this theory might be wrong. Until then, i would not expect too much from ETH.
On the right we can see it moving against a trend line. The longer it bumps against it the bigger the chances become that it will break up. With Bitcoin moving in a triangle has been good for alts past 2 days. But can't judge if it's false hope or not.
However, even if it breaks up, still a very big chance it will be a fake breakout. I think this, because as mentioned above, the market, alts actually, took such a big hit, i don't see buyers simply go long on sit on it.
So short term it looks like it want's to break up, but i am not expecting that much from it at this point. A break of 212 would make things shaky again and a break of 210 would probably invalidate the attempt to break that trend line. On the upside seems to be around 220.
Previous analysis:
Related publications
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.