ETH - Short-Term Correction?

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

WEEKLY: Left Chart
ETH is still struggling around the 2k support/ demand zone .

H4: Right Chart
We have been bearish for a while now from a medium-term perspective. The bears seem to be in full control making lower lows and lower highs.

Moreover, pausing around the 2k zone, especially with that wick till 1.7k , might be signaling a shift in momentum soon!

However, for the bulls to take over, for the correction to start, we still need a momentum candle close above the last high. (in gray)

Meanwhile, until the bulls take over, the bears can still push lower for another over-extended bearish impulse movement.

How deep that bearish impulse would be?

Well, it depends if we close below the 1.8k (daily candle) or not.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich