Hey traders,
Ethereum is coiling around 1700 key daily structure support for a month.
Even though the first reaction to that structure was quite strong,
the price keeps setting lower highs not being able to set a new high.
Analyzing a price action, we now see a classic bearish accumulation pattern:
the market is stuck within a descending triangle formation with a sequence of lower highs and equal lows.
Be prepared for a breakout attempt of 1700 level,
if we close below that on a daily, Ethereum will most likely drop to 1547 / 1400 levels.
Alternatively, if the price breaks a falling trend line, it may trigger a strong buying reaction.
What is your view?
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel www.youtube.com/c/VasilyTrader
💰Instagram: www.instagram.com/VasilyTrader/ 💰
✅Facebook: www.facebook.com/VasilyTrading/ ✅
❗️YouTube Channel www.youtube.com/c/VasilyTrader
💰Instagram: www.instagram.com/VasilyTrader/ 💰
✅Facebook: www.facebook.com/VasilyTrading/ ✅