Ethereum has had an amazing run after Bitcoin's recent dips, increasing by nearly 50% of its total price after dips from only a few weeks ago! However, it looks like indicators are starting to show some weakness for ETH in the short term on the 4-hour chart.
ETH now approaches its ascending channel's top (white line, note: linear is shown due to it being a short-term trend, but the trend looks similar on the longer-term logarithmic chart). As ETH approaches 3K, an almost perfect AB=CD pattern has formed indicating a potential bearish reversal for the short-term. This looks further confirmed by dwindling volume in addition to divergence forming against price on both MACD and OBV (red dashed lines).
However, with 3K being such a huge target for many ETH followers, there is always the possibility that FOMO kicks in causing an unexpected catapult upward. But in my opinion, the trend if heading downward from what I can see.
Hence, you should take the above solely as my opinion and not as financial advice. However, please also like or comment if you agree or see anything differently.
ETH now approaches its ascending channel's top (white line, note: linear is shown due to it being a short-term trend, but the trend looks similar on the longer-term logarithmic chart). As ETH approaches 3K, an almost perfect AB=CD pattern has formed indicating a potential bearish reversal for the short-term. This looks further confirmed by dwindling volume in addition to divergence forming against price on both MACD and OBV (red dashed lines).
However, with 3K being such a huge target for many ETH followers, there is always the possibility that FOMO kicks in causing an unexpected catapult upward. But in my opinion, the trend if heading downward from what I can see.
Hence, you should take the above solely as my opinion and not as financial advice. However, please also like or comment if you agree or see anything differently.