ETH: The drop is on the horizon!
After thorough analysis, it is apparent that the price of ETH has developed a Head and Shoulders pattern. In the event of a breach below the neckline, a substantial downward movement is anticipated. It is, therefore advisable to closely monitor the neckline for any such movement.
Furthermore, based on the strong correlation between BTC and ETH, it is expected that the latter will follow a similar trajectory as the former. Given the likelihood of BTC decreasing from its present levels, ETH is expected to move downwards as well. Thus, it is reasonable to anticipate that ETH will break below the neckline and experience further downward movement.
With regards to BTC:
It is evident that the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance is indicating a potential move to the previous bottom of 15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
Furthermore, It appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, the market will likely experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
It also appears the price is forming a head & shoulder pattern, indicating a weakening trend! If the price breaks below the neckline, the return to 15k will begin! It is, therefore, advisable to keep an eye on the neckline in case it breaks to the downside!
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level.
Furthermore, based on the strong correlation between BTC and ETH, it is expected that the latter will follow a similar trajectory as the former. Given the likelihood of BTC decreasing from its present levels, ETH is expected to move downwards as well. Thus, it is reasonable to anticipate that ETH will break below the neckline and experience further downward movement.
With regards to BTC:
It is evident that the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance is indicating a potential move to the previous bottom of 15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
Furthermore, It appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, the market will likely experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
It also appears the price is forming a head & shoulder pattern, indicating a weakening trend! If the price breaks below the neckline, the return to 15k will begin! It is, therefore, advisable to keep an eye on the neckline in case it breaks to the downside!
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level.
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