Over the next couple of days, I'm expecting ETH to drop a bit. It may fall to the lowest low to test the strong support. It doesn't seem like much more mentum left on the current move. We can never predict long-term moves; every minute, hour, day, we have to read the market and trade the market we have in front of us, fractal by fractal.
We can continue to expect Ruble to crash further over the coming days and react to the sanctions. The current level of momentum is extreme, and this move isn't going to stop suddenly. However, this all makes me think, what are the short-term and long-term consequences of the SWIFT ban of Russia/Ruble? There are a couple of obvious ones, so let's go through those...
After further analysis, I'm holding onto my bullish view on ETH. We can expect a bit of a slowdown as we build momentum towards the $3200 and retest the price within the triangle. However, I expect the price to reach the $3000 level over the next two weeks.
ETH is expected to stay within this tight triangle for a bit. I'm expecting ETH to be unable to break the top of the triangle without retesting the lows one more time. Downward momentum was too strong but sufficient momentum was created to fight the toward force. We might have a bottom here so I'm turning bullish at this point but expecting to watch over the next...
Price is reaching my previous target of $2500 and entering a solid demand zone. We will have to wait and see how the price behaves at this level. If the demand holds, we can expect another wave up, but if it breaks, I'm expecting a shorter wave down compared to the previous.
I've posted this before and the target still remains the same as before. Expect a short-term pullback to 2850 level but there is no stopping of this downward momentum. Continuation of previous selling momentum is at play and more supply is being created.
Within the next 2-3 weeks, we can expect ETH to retest the recent lows. Based on supply-demand, demand is exhausted and new supply needs to be built and the price will reach the next gap that was left in supply-demand at the $2480 price level.
I'm expecting a short-term pullback around $3000 but overall the target is down and will reevaluate around the $2600 target.