Tuesday update - Ethereum

٣ يناير ٢٠٢٣

This update features another bearish scenario, stay tuned!

• We remain bearish in ethereum
  
  
• Large symmetrical triangle crushes hope of bullish reversal?
  

Except for one difference, we are still facing a very similar situation in ethereum as we do in bitcoin.
The trading volume was very low in ethereum and the price couldn't breach below the last low @ 1'151.20 or above the resistance @ 1'352.70 to give us a first hint towards a bullish reversal.

However, ethereum managed to slightly break out of the bearish diagonal which pushed the market down for the last months, currently we are trading more than 2% above the marked red line.
To be clear, this doesn't change anything regarding our bearish scenario in ethereum because there is a second bearish alternative that we marked in the chart below.

This chart formation points towards a symmetrical triangle which dates back to mid-June, this is an additional bearish signal because such big triangles ONLY emerge in a wave 4 or a wave b.
Even if ethereum should manage to break above @ 1'352.70 we would still persist on our bearish stance and in the end the triangle would lead to lower prices too.



We expect that ethereum will soon re-enter the bearish diagonal and the next days should deliver increasing volume which should push to the price lower.
In the upcoming days we will watch the market very carefully and update everyone next Thursday.





Greetings

Benjamin Mendenmein

٥ يناير ٢٠٢٣

ملاحظة

Thursday Update:

Ethereum managed to extend its current wave up to 1'270$, however, this doesn't change my bearish stance.
The whole movement looks a lot like three separate corrective waves, which points towards my marked a-b-c structure.

The price almost reached the 0.618 retracement at 1275$, which is the ideal target for a wave 2.

The upcoming days should push ethereum back in order to validate the downwards wave 1-2 structure.
In order to establish bearish momentum, the price must decline in the upcoming days. However, if the price continues to hold at the current levels or goes sideways, we have to look at our bullish alternative.

Important: As long as ethereum stays below the resistance @ 1352.70$ we can't expect any bullish reversal whatsoever.