Ethereum Bear Flag Forming - Next Target for ETH?
Hello Traders
Here is my analysis for Ethereum...
ETH is forming a Bear Flag. Right now it is still technically immature, however if it continues to follow the channel it has been trending between then soon enough a mature Bear Flag will form and the probability of a break to the downside greatly increases.
What is the next target for ETH?
- If the formation plays out like I think it will, ETH will hit $3,000 in the next week, maybe even days.
- 3K is a major level for ETH. It is not only a major support level with multiple strong touches, but it also coincides perfectly with the .5 Fib.
- Another factor (Although not as powerful) is that the bottom trend line ETH has been following for the past 10 days leads straight to the 3K level.
*There is enough confluence here to rate this target as a high probability of being hit.
What will happen when ETH hits the 3K level?
- I would expect a strong bounce.
I will make another post with a trade idea for a long position in the coming days.
Happy trading and best of luck.
Here is my analysis for Ethereum...
ETH is forming a Bear Flag. Right now it is still technically immature, however if it continues to follow the channel it has been trending between then soon enough a mature Bear Flag will form and the probability of a break to the downside greatly increases.
What is the next target for ETH?
- If the formation plays out like I think it will, ETH will hit $3,000 in the next week, maybe even days.
- 3K is a major level for ETH. It is not only a major support level with multiple strong touches, but it also coincides perfectly with the .5 Fib.
- Another factor (Although not as powerful) is that the bottom trend line ETH has been following for the past 10 days leads straight to the 3K level.
*There is enough confluence here to rate this target as a high probability of being hit.
What will happen when ETH hits the 3K level?
- I would expect a strong bounce.
I will make another post with a trade idea for a long position in the coming days.
Happy trading and best of luck.
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