Ethereum - Macro outlook | -62% next month!
Updated
- After the merge, the price of ETH is rapidly going down. It's basically a free fall right now. It was clearly a sell-the-news event.
- I am very bearish until we break the major trendline that you can see on the chart. There is absolutely no reason to buy ETH at this moment.
- On the daily chart, we can spot a descending parallel channel that is very well respected with all trendlines inside. These trendlines can be useful for short-term trades. I believe there is a possibility of touching the downward trendline in the future.
- The market never goes in a straight line; we always have waves during the trend and that's why Elliott Waves are the best indicator to understand where we currently are in the market structure.
- According to my Elliott Wave analysis, we are in the final 5h wave of this particular market structure, which can be deadly indeed. But if I am right and we will go down, then do not expect ETH to go to new all-time highs soon.
- So prepare your shorts, because that's the only way you can profit in this bearish market. Maybe the ETHBTC pair is also starting a new macro downtrend, so basically ETH will fall off the cliff.
- The situation for ETH is horrendous. It's really better to switch to BNB if you really want to hold some coins. Or just stay in USDT and buy after the crash.
- I do not expect any tremendous gains for selected altcoins. You can find the most bearish altcoins in the related section down below. Serum (SRM) looks juicy for shorting on the futures market.
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Check out my new analysis right now! Is it possible that ETH has bottomed out? We are at the most important key support, which is the last chance for the bulls! 
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Bitcoin is breaking out! Will ETH starts a new bull market as well?
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As you can see, the bulls broke the main parallel channel and fell back into the channel. But it's a sign of weakness for the bears because they failed to maintain the channel. Now the structure is broken and we can go up! My new analysis:
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