ETH may suffer a deep pull back soon
ETHUSDTETH may suffer a deep pull back soon
1. It's the fourth week that ETH beaks its new ATH. ETH is still moving in a 45 degree uptrend channel from Sep 29. Due to there's no sign that market will reversal or turn to a trading range, bulls will keep buying and bears will only scalp.
2. From July 21 till now, ETH almost completes a perfect ABCD pattern. Price is now very close to its target. In another word, there may be a pull back coming soon.
3. Look at volume. In the recent 4 to 5 days, trading volume becomes smaller and smaller, now only 50% of the average value, which means both bulls and bears are not willing to trade. They are all waiting for some new entry signals.
4. ETH market cap dominance % is close to 20% now, which makes a tripple top near the ATH value 20.63%. It shows that most crypto investors are hesitate to transfer more assets to ETH.
5. As a conclusion, ETH may need a deep pull back to go further. Bears can join while the channel breakdown; Bulls can join after waiting for a new price action at around previous resistent level 4015.
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