#Ethereum #ETH Weak Structure
Crypto markets are now mostly futures market. Saw mode is on. Everybody expect big move by the #ethereummerge but I say: BEWARE. Why?
#ETH shows weak structure. Twice shoulder head shoulder pattern is on the play.I highlighted them with orange circles. May be there will be a last fake pump to bait common investors but the structure is clearly bearish.
ETH will likely test critical supports and resistance. The resistance zone is the purple box, if a fake pump occurs ETH will surely test this zone. I highlighted the most important supports on the chart. ETH made retests recent days and took support in Jan 2021 from the blue line. The black line is ETH' s long term trend support. If ETH looses both supports, then we may more likely to see new lows. This is the strategy to avoid losses. We' re not in bull season, Crypto and stocks are correcting, nearly everything is correcting against US #dollar .And I think Elliott' s 5th wave of correction is on the play. We are more likely to see new lows in 7 months. Technical, primary and astro analyses show this period of time. The corrective mode will be on. Techically Elliott' s corrective wave is on the play and not invalidated. World is swimming in recession,energy crisis,cold and hot wars, pandemic etc. Mars will be in Gemini till end of march 2023.The first invalidation is: If ETH crosses 2000 #USDT and have few weekly closings on it. Then we may speak bullish scenarios. But now it' s time watch.
#ETH shows weak structure. Twice shoulder head shoulder pattern is on the play.I highlighted them with orange circles. May be there will be a last fake pump to bait common investors but the structure is clearly bearish.
ETH will likely test critical supports and resistance. The resistance zone is the purple box, if a fake pump occurs ETH will surely test this zone. I highlighted the most important supports on the chart. ETH made retests recent days and took support in Jan 2021 from the blue line. The black line is ETH' s long term trend support. If ETH looses both supports, then we may more likely to see new lows. This is the strategy to avoid losses. We' re not in bull season, Crypto and stocks are correcting, nearly everything is correcting against US #dollar .And I think Elliott' s 5th wave of correction is on the play. We are more likely to see new lows in 7 months. Technical, primary and astro analyses show this period of time. The corrective mode will be on. Techically Elliott' s corrective wave is on the play and not invalidated. World is swimming in recession,energy crisis,cold and hot wars, pandemic etc. Mars will be in Gemini till end of march 2023.The first invalidation is: If ETH crosses 2000 #USDT and have few weekly closings on it. Then we may speak bullish scenarios. But now it' s time watch.
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