ETH breaking down!!!???Bulls have to hold here or we going lower as we
- break the uptrendline on 4HR - This Up trendline has been holding for 28 DAYS so its a notable breakdown.
- Also Triangle on D RSI is being tested and bulls need to hold. Otherwise it is bearish divergence that is playing out starting from 22 days ago
Some may say this is a great entry point as we are at the support, but not for me. We are too far at the end of the rising wedge and a break can happen at any moment.
As a Rule I do not buy support when the structure is close to it's end because the breakdown can be very violent.
Right now we are oversold on the 1HR so we may go sideways for a bit to cool off the RSI
I dont short, so I will just wait this one out.
WE did hit 1800 which is in a congested area / resistance from before.
ETH has some drama with the merge/fork coming up next month approx. 16th September. The question is will we pump or dump in the expectation.
Pump because:
a) The POS merge will make inflation of ETH like 4-8 times less - huge cut (BTC halvening always result in bull markets)
Dump because:
a) The staked ethereum can finally be unlocked and sold on the market
4HR PIC may be better for view s3.tradingview.com
GL. Stay safe and protect your bankroll
