Ethereum - Weekly bearish flag will send ETH to 618 USDT (gg)

11 Mei 2023

• Ethereum shows a lot of weakness on the major timeframes. You can see that the downtrend was pretty steep, and now we are in a consolidation phase. If we take a closer look at it, this is not even an uptrend; it's more like a sideways bearish flag consolidation.
  
• A trendline from 2015 on the ETHBTC chart is breaking down, which is a significant bearish technical event. Make sure you check out the trendline in the related section down below!
  
• Now the question is, "What will be the bottom on ETH?" We use the Fibonacci extension tool from the start of the bear market to wave A and wave B, which will give us a 0.382 FIB projection. This is a reasonable target for the final dump (618 USDT).
  
• This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
  
• You can see my Elliott Wave count on the chart. I don't know what's yours, but you can take some inspiration. A lot of people are very bullish at this moment, but the chart does not look bullish. The previous downtrend from 2021 - 2022 was extremely steep and impulsive, which you do not want to see as a bull. We need to finish the major ABC correction to start the true bull market.
  
• ETH is going sideways. It has been almost 1 year of sideways price action. I don't see anything bullish, and it's better to sell all your ETH if you haven't already and short ETH to make money.
  
• Thank you, and for more ideas, hit "Like" and "Follow"!