With the crypto market looking a bit bearish as of late, it's always a decent idea to zoom out and take a look where we are on the macro scale.
When looking at ETH, we can deduce that we're still in an uptrend. Furthermore, this week's bearish move seems to have found support at the lower bound of the channel. Most bullish case would be for the price to see a strong reversal and bullish bounce, just like the last few times we hit this specific channel's support.
In case ETH will break bearish and fall through the support, we might face further downward pressure, potentially targeting $3500 before finding new support.
However, the bullish case is more likely in my view. Not sure if we're going to hit the top of the channel, since that would mean a $15k - $20k ETH value, but a nice upward trend is to be expected.
Happy trading!
When looking at ETH, we can deduce that we're still in an uptrend. Furthermore, this week's bearish move seems to have found support at the lower bound of the channel. Most bullish case would be for the price to see a strong reversal and bullish bounce, just like the last few times we hit this specific channel's support.
In case ETH will break bearish and fall through the support, we might face further downward pressure, potentially targeting $3500 before finding new support.
However, the bullish case is more likely in my view. Not sure if we're going to hit the top of the channel, since that would mean a $15k - $20k ETH value, but a nice upward trend is to be expected.
Happy trading!
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