ETH if unable to BO & hold 1700, sub-600 zone may be next
After a bear flag correction, ETH has made a temporary bottom at the wma300 level of 880. However the big red downchannel from ATH of 4868 is still putting downward pressure. For the last 2 weeks (this week’s candle not yet final), ETH has tried but failed to close above the wma200 level@1200.
STILL LOOKING BEARISH: Even if there will be a relief rally, ETH will still be rejected @1700 & this time 880 may not hold. The ABC correction within this downchannel may not be complete yet. ETH may still be
trying to complete the final sub-wave 5 of the C-wave which may go to as low as sub-600 zone. Notice that there is very little support (open space) between 880 & 600, the next volume profile support.
Bottoming here will finish the ABC of wave IV.
BULLISH CASE: if ETH breaks above & holds 1700, then probably the ABC wave IV has already completed. This may happen with some positive catalyst like FED pivot or substantial demand destruction lowering the inflation rate.
Not trading advice
STILL LOOKING BEARISH: Even if there will be a relief rally, ETH will still be rejected @1700 & this time 880 may not hold. The ABC correction within this downchannel may not be complete yet. ETH may still be
trying to complete the final sub-wave 5 of the C-wave which may go to as low as sub-600 zone. Notice that there is very little support (open space) between 880 & 600, the next volume profile support.
Bottoming here will finish the ABC of wave IV.
BULLISH CASE: if ETH breaks above & holds 1700, then probably the ABC wave IV has already completed. This may happen with some positive catalyst like FED pivot or substantial demand destruction lowering the inflation rate.
Not trading advice
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