Hello Traders
Based on technical analysis, ETH on daily timeframe showing some weaknesess.
IMHO, this is the C wave of flat with the confluence of previous resistance from; 15 Januari 2021, 30 May 2022, and 08 Augustus 2022.
the resistance range around 1912 -2016.
Worth to mention that volume keep decreasing when the price moving near resistance, that we can concluded that the demand already diminish,
and prepare for the flood of supply.
The also the 5th wave of the C similiar with ending diagonal/rising wedge pattern.
means its the end wave of ETH bullish move from 21 November 2022, its time to reap the profit's,
aside from the technical part's we shoulda mention that media really bullish on ETH upgrade (Shapella Upgrade).
dont forget Be Fearful When Others Are Greedy
In Elliot Wave perspective, after 5 wave move/C. the market should reverse in order to complete the cycle/phase.
because some of market participants shoulda at least take/book some profits.
i hope this information helps
Safe Trade
Based on technical analysis, ETH on daily timeframe showing some weaknesess.
IMHO, this is the C wave of flat with the confluence of previous resistance from; 15 Januari 2021, 30 May 2022, and 08 Augustus 2022.
the resistance range around 1912 -2016.
Worth to mention that volume keep decreasing when the price moving near resistance, that we can concluded that the demand already diminish,
and prepare for the flood of supply.
The also the 5th wave of the C similiar with ending diagonal/rising wedge pattern.
means its the end wave of ETH bullish move from 21 November 2022, its time to reap the profit's,
aside from the technical part's we shoulda mention that media really bullish on ETH upgrade (Shapella Upgrade).
dont forget Be Fearful When Others Are Greedy
In Elliot Wave perspective, after 5 wave move/C. the market should reverse in order to complete the cycle/phase.
because some of market participants shoulda at least take/book some profits.
i hope this information helps
Safe Trade