Ethereum - Bearish M-Pattern, DEMAND Zone Approaching

29 ago 2024

ETH is still correcting after the bearish chart pattern (M-Pattern) formed.

The next major demand zone is identified two ways:

✅- Connected with the longstanding diagonal trendline, which acts as a support
✅- Bounce zone for previous major candle wick
✅- Previous resistance, then support, now about to be retested as support

As a first stop, the lower white trendline can be used as a price range guage:


Remember that the price will remain bearish until daily candles start to close ABOVE the red trendline, in which event it will turn green.

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ETHUSD ETHUSDT

1 set 2024

Nota

ETH approaching the support zone fast - hopefully we'll see a bounce there.