Ethereum at its last support

29 Des 2021

Like I've been warning for weeks in a row, is now unfolding. Bitcoin and Ethereum are dropping hard and both are at their last local support. We are 2 days away from the options expiration on dec 31st and market makers are preparing for it. Ethereum is especially in danger as its max pain price is at 3200. Luckily bouncing back from 2500 where it was last week. We have a small expiration tomorrow with max pain at 3800, could they take to 3200 on dec 31st? Well, why not?

And even then, we still have a technical target at the 2800 zone where a lot of liquidity is waiting. We will have to see how the first 2 quarters of 2022 will play out because we are nowhere near a long term bottom on both Bitcoin or alts. Take off the green glasses backed by your inflation story. Market makers made tons of money in the last years, last thing they need to worry about is inflation. Supply is dry on exchanges and inflows are increasing especially on the CME, where big sell offs are currently unfolding on both ETH and BTC. Institutions dont have a moonboy mentality and taking massive risks, especially with a green stock market on the other side to their disposal.

Trade wisely and manage your risks - you're too late to go short and too early to go long - where are right in the middle of a chop zone - don't get caught out.

IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.