Ethereum Hammering Out a Multicycle Low on the 240-minute and Da

Ethereum's 18-22 bar daily cycle has bottomed along with its 240-minute cycle (also averaging 18-22 bars in length).

The MACD and RSI (14) indicators reveal a pronounced bullish price/momentum divergence, and there's also a tiny double-bottom pattern evident.

There is a TON of overhead supply for ETHUSD to claw its way through before any sustained, bullish trend reversal is possible.

The first supply level is near 124.00 and then a much more substantial one is near 136.00. If a significant short-covering rally ensues, the higher level would be a great place to close out any recently entered long positions. If you're still short ETHUSD, then by all means consider covering some if not all of your short position asap.