- Bitcoin alt coin decoupling may be happening however market direction is still preserved with the magnitude differing
- Hence, since bitcoin is bearish (see idea linked below) and the ethereum chart itself is bearish, it is looking like a crash is imminent
- Given the ascending wedge, a breakout out of this formation will trigger the collapse and begin the journey down towards the price targets
- We have a minor 61.8% fibonacci swell as a major 61.8 fibonacci
- The major fibonacci zone forms confluence with the healthy median trend line dating all the way back to the lows of 2020 and has been tested multiple times
- Therefore the first fibonacci target will be a short term target with an expected overall target as the second fibonacci with the trend line at approx. $700
- Price may wick or settle even lower at the major volume support zone at $600 but a wick is more likely due to high demand rejecting consolidation here
