ETH shows signs that it will run bullish again

28 Agu 2022

ETH is currently in a crucial point. It has reached down to the high of Januray 2018, a very important monthly pivot point , also the ATH of in important bullish rally ended in 2018. It is also stuck in an ascending monthly triangle, which is the price action pattern at the highest possible timeframe of ETH so far. The price is currently has reached at the bottom of the triangle which is an important dynamic support. The chart also shows that big investors (let's call them 🐋s of ETH) have accumulated large amount of ETH in June and July 2022.
I do read the charts in my free time and I'm not a professional investor. From my viewpoint, I think ETH price first will have a smaller reaction to the 1357 USDT level and will continue go down. When price has reached in between 1001 and 1211 USDT. The second round of investors will accumulate more ETH and after this point, we may see a longer bullish run to higher levels within the ascending triangle .
Let's see how ETH will develop until the end of 2022.

Kind regards

27 Des 2022

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How do you think now?

6 Jan 2023

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I think not only the ETH and crypto market but the whole financial market is undecided. While I suspect that the two groups of bullish and bearish investors are testing the market, two scenarios can happen: 1- the bullish force overcomes the doubts and a short upward run occurs, after a short run we will return back to the same bottom line (where we are now). Then we will see a double bottom pattern with converging RSI. This is the sign of a long term uptrend. 2 - The bears overcome the doubts and we will step down to the next lower support where the majority of investors will gain confidence in a safer investment and we will start a long term uptrend from the lower bottom (perhaps an inverse head and shoulders pattern). Let's see!

13 Des 2023

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It is working well, so far! :)