ETH - diamond top or the beginning of accumulation phase ?
Updated
Hello,
Looking at the ETH post merge can note few observations:
1. We are most probably in a Diamond Top reversal pattern on the 1D chart which is already in play ---> Target: The previous range high right below $1,300.
2. The current price action on the 1D chart looks A LOT similar to the one we had back in the period February-May, 2022.
3. The ETH/USD 1W chart suggest a Wyckoff Distribution #2 is still in play with the price being in Phase D currently. So, we are looking at the following grim scenario
4. But what if we are already in the Accumulation phase ? (bullish case)
Well then we are to see something like this
Cheers,
Looking at the ETH post merge can note few observations:
1. We are most probably in a Diamond Top reversal pattern on the 1D chart which is already in play ---> Target: The previous range high right below $1,300.
2. The current price action on the 1D chart looks A LOT similar to the one we had back in the period February-May, 2022.
3. The ETH/USD 1W chart suggest a Wyckoff Distribution #2 is still in play with the price being in Phase D currently. So, we are looking at the following grim scenario
4. But what if we are already in the Accumulation phase ? (bullish case)
Well then we are to see something like this
Cheers,
Comment
ETH probably found its bottom here at the low of the range. Next will be a pump to $1,800 - $2,100 in the next 10 days (probably after the FOMC meeting next week) then drop to sub $1,250 levels.Comment
Even though we went lower than what I expected, I still think we will see a quick pump before going lower when/if FED raised the rates with 0.75 or even lower. Also, the price reacted pretty good to the Diamond Top pattern corridor support.
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