ETH could find footing around here...

12월 10일

We had a steep incline, we tested it 4 times and it was support, we tested it a 5th time after rejecting a breakdown and she crashed through support and now we are nearing where we hope to get a footing. You can see where if we slightly adjust the angle of the channel from the prior super steep ascending channel to this new, pretty steep ascending channel, we are near the bottom of channel, near support and hopefully hold and bounce back up from here, would still be plenty bullish, with just a more reasonable trajectory.

Looks like we will have the 200 (4h candle) moving average line up around this support line as well giving it double the chance of holding. If it breaks down, the price could drop a lot lower, like $3000-2400ish even.

if this is bottom line here, we have a little more down trend and probably some consolidation down here before heading back up, should let other assets breath some too. If it breaks through this, be prepared for more drop.

Order books currently imply that more traders believe the price will drop more than traders who believe the price will rise.

This could be a great entry op for ETH and many other assets but be vigilant, especially with order books in the current state, and it took a solid month for them to decline to their current state, so hoping for a two day reversal could be asking a bit much.

I am currently optimistic but skeptical