ETH Parabolic move failed
Previous analysis:
In the middle it starts to look a bit like the start of some temp top formation, with the resistance being around 315/320. This market has been a lot about parabolic shapes and it looks like ETH is also starting to make one now. The pattern simply means that we get to see a row of higher lows, showing bulls getting more eager to get in with each drop . Reason why it always dumps so hard when it fails, because IMO the inpatient people are usually leveraged buyers who like to buy the highs, so that when it fails, we get a snowball of stops triggering crashing the price usually.
So for now, i would simply be looking up here until the curved line breaks. Think the zone to watch is 300/320
At this moment, the 305 on the left is a short term support zone, almost breaking while i am writing this now. If this one breaks, think the 300ish might be the last stop for it to hold ETH up. If the 300 breaks, We could see something like the blue line in the middle happen. Bitcoin is still above the 10750/800, but if it breaks, things could get ugly short term. ETH also made a big rally past months, so a decent correction would mean nothing yet for the mid/long term of ETH. On the upside, still have the 320ish as resistance and short term seems to be around 312.
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Previous analysis:
In the middle it starts to look a bit like the start of some temp top formation, with the resistance being around 315/320. This market has been a lot about parabolic shapes and it looks like ETH is also starting to make one now. The pattern simply means that we get to see a row of higher lows, showing bulls getting more eager to get in with each drop . Reason why it always dumps so hard when it fails, because IMO the inpatient people are usually leveraged buyers who like to buy the highs, so that when it fails, we get a snowball of stops triggering crashing the price usually.
So for now, i would simply be looking up here until the curved line breaks. Think the zone to watch is 300/320
At this moment, the 305 on the left is a short term support zone, almost breaking while i am writing this now. If this one breaks, think the 300ish might be the last stop for it to hold ETH up. If the 300 breaks, We could see something like the blue line in the middle happen. Bitcoin is still above the 10750/800, but if it breaks, things could get ugly short term. ETH also made a big rally past months, so a decent correction would mean nothing yet for the mid/long term of ETH. On the upside, still have the 320ish as resistance and short term seems to be around 312.
Please don't forget to like if you appreciate this :)
Previous analysis:
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