ETH - $3500 Breakout ExpectationsEveryone is going crazy after ETH broke its $3,500 level. Everyone is calling for much higher prices which is why I want to caution people at this time and let you know based on the charts what is most likely to happen.
Please refer to the previous post to see our macro triangle as a whole. Once ETH reaches the $3700-$3800 range we could see a massive liquidity event that could lead to a selloff.
Here are the reasons a selloff could occur in this range.
1. Testing trendlines of resistance of macro triangle
2,. 1.618 extension target
3. Nearing psychological EUROTLX:4K level.
4. Potential 1D RSI close below 70
Therefore expect a selloff somewhere in our red box. If price is able to break above those black trendlines then that could change everything. If that happens those lines of macro resistance will be flipped into new support and all time highs are absolutely on the table. Watch these levels CLOSELY.