It appears that ⚠️Ethereum formed another historical trend line, which may lead to a significant price decline once it is violated.
The current price action bears a resemblance to the corrective movement seen from November to January, which followed a substantial sell off.
During that period, the correction respected a rising trend line, and its eventual violation initiated a strong selling wave.
We are currently observing a similar pattern, with a minor bullish trend following an ascending trend line.
A violation of this trend line could potentially trigger another phase of selling, with a high probability of the price continuing towards 1600.
The current price action bears a resemblance to the corrective movement seen from November to January, which followed a substantial sell off.
During that period, the correction respected a rising trend line, and its eventual violation initiated a strong selling wave.
We are currently observing a similar pattern, with a minor bullish trend following an ascending trend line.
A violation of this trend line could potentially trigger another phase of selling, with a high probability of the price continuing towards 1600.
Trade active
Ethereum has broken below the support trend line from where we're expecting a bearish wave towards the 1600 level.
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Join our Telegram channel
For daily market update 👇👇
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For paid signal👇👇
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For daily market update 👇👇
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Backup Channel👇👇
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.