Similar to BTC , ETH is forming a but lagging behind in the timeline, as we know, we need to see the two "wings" (horizontally X to B, and B to D) develop in same lengths until we consider it full-fledged. Then we will wait for a confirmation of reversal near point D.
However, we don't see any support near the area of D, or any sign or reversal for the time being.
My idea is I don't consider buying until 600 to 650 as shown in the chart where 1.27AB ($593) and ($620) gives a potential reversal zone.
Please comment, like my idea or share yours, much appreciated!
An ideal setup is that it hold around 600 for some time and drag the MA21 (Green) down close to 650 ish (the purple curve I added ) then break the resistance to the upside.
I only use very few (less than 3) indicators now - it helps me focus on the price action itself. But it's really nice to see our analysis coincides - If that support holds valid around there, we might see the reversal.