ETH low is probably in. Up we goGreetings traders!
This is my very first analysis, so feel free to roast me in the comment section :)
Ethereum has possibly hit a macro low (and it would be a higher low) and it's ready to go up.
Simple analysis based on historical behavior, where ETH has always respected an upward parallel channel from bear market low until bull market top, and breaking down that channel indicated in the past the end of the bull cycle.
Some factors to consider:
- ETH touched the bottom of the rising channel in the recent flash crash on August 5th at around $2100 and produced a decent bounce. A retest of this level is very possible.
- This is a strong horizontal support level, marking the yearly open and the breakout from 2023 accumulation.
- Additional support is also offered by the 200 week MA sitting around $2200.
- ETH seems to have bottomed against BTC, showing massive bullish divergence at an important horizontal level of support. High chances of reversal soon.
- A break below the rising channel would indicate extreme weakness for Ethereum, and possibly a failed bull cycle.. I personally think this is very unlikely. Nevertheless, let's pay attention to that level.
Good luck everyone!