To add to our swath of successful predictions, Ethereum has broken down. As we noted here, ETH was looking very bearish. It has been progressively breaking down through a series of bear flags, crushing levels and sailing through vacuum zones with ease each time. This time appears to be no different, and it has followed our anticipated trajectory (indicated by the blue lines) almost perfectly. It appears we were a bit ambitious with our target of $168. This is a significant level of support and we will almost certainly see some buyback here. Indeed, the psychologically and technically significant level of $200 has proven stronger than we anticipated. It is reasonable to expect some ranging or even a retracement before ETH makes another run for lower levels.
Unfortunately, for Ethereum bulls, there does not seem to be much in the way of hope. It will most likely be a hurdle for ETH to hold current levels, let alone to overcome $225 again. After that, we have more psychologically and technically significant levels including $250 and $300. On the downside, ETH seems complacent with current levels but if there is a significant vacuum zone below and another bear run would take us to our original target of $168.
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Unfortunately, for Ethereum bulls, there does not seem to be much in the way of hope. It will most likely be a hurdle for ETH to hold current levels, let alone to overcome $225 again. After that, we have more psychologically and technically significant levels including $250 and $300. On the downside, ETH seems complacent with current levels but if there is a significant vacuum zone below and another bear run would take us to our original target of $168.
Thanks for reading my analysis! If you've found my posts useful, please consider subscribing and give my posts a like!