$ETH inflection point

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ETH is at an inflection point. The next move will be a big one. To the upside we are looking at $4,320, and to the downside $2,430 and $1,600 area.

We're looking at the Weekly chart here, so this is likely a move that plays out over a longer period of time, not all at once.

On the chart you'll see:

Channels: Upward channels(green), Downward(red). In each case, I've always had success at the median lines of these channels, especially when price overshoots the existing channel in one direction or another.

Support/Resistance: The major area of support/resistance I see are highlight with Red/Green Lines.

Gold Circles: Inflection points. These are areas where indicators converge and offer a stronger signal.

If we maintain price over $3086 on the daily, I will look for longs.

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تم فتح الصفقة

We're heavy short here as 3455 a key area of interest has broken down and repeatedly failed retested. Even more, it looks like constant liquidity grabs above.

On a higher time frame it looks like we're failing at the downward channel (red) above. On this same time frame 2423 (yes this low) is a main area of interest for covering shorts and a scalp long.

I don't think we will see ETH above 3500 for a very long time if ever. Bias is heavy short!