ETH Big Move by End of Month
Hello,
ETH should have a big move in the next two weeks with the uptrend formed at the beginning of 2020 and the downtrend formed in November 2021 meeting. Since ETH hit $880 in June it rose to $2000 before coming to the tight current range of $1284 and $1420. It has been sideways movement between the levels but I believe this next move will give a clear indicator if the bottom is in or if there is still room down.
Looking at the local trend since June a pennant has formed (orange) that will ultimately decide the actions seen in the larger pennant.
A break to the upside and a hold of the previous ATH of $1420 would signal the bottom of $880 is the bottom for this cycle. On the other hand, a break to the downside and ETH goes to create a new bottom for the cycle at $680.
Time will tell.
ETH should have a big move in the next two weeks with the uptrend formed at the beginning of 2020 and the downtrend formed in November 2021 meeting. Since ETH hit $880 in June it rose to $2000 before coming to the tight current range of $1284 and $1420. It has been sideways movement between the levels but I believe this next move will give a clear indicator if the bottom is in or if there is still room down.
Looking at the local trend since June a pennant has formed (orange) that will ultimately decide the actions seen in the larger pennant.
A break to the upside and a hold of the previous ATH of $1420 would signal the bottom of $880 is the bottom for this cycle. On the other hand, a break to the downside and ETH goes to create a new bottom for the cycle at $680.
Time will tell.
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