Possible ETH Recovery
Yea ETH is getting dummied and chewed up all over the timeline and on the charts. It is still underperforming BTC and SOL.
However, amidst all the FUD it has an ETF and some diehard users. ETH likes to die, come back to major support, then slowly grind higher.
The market is a discounting mechanism for participation. Everyone wants to sell ETH or short it and I don't see or hear many ETH bulls nowadays. This leaves a strong asymmetric opportunity for the bulls if there are any left.
A move down to take out longs SL below 2500 and push to 2300 is not out of question but this fractal from JAN 2024 sums up my idea on where ETH might head towards in the coming months.
There is a lot liquidity at the major sell off levels that typically gets tested or filled.
ETH is in a major downtrend no doubt and the berus are winning. But something has to give and right now the RR is skewed far more towards the longs and bulls imo.
However, amidst all the FUD it has an ETF and some diehard users. ETH likes to die, come back to major support, then slowly grind higher.
The market is a discounting mechanism for participation. Everyone wants to sell ETH or short it and I don't see or hear many ETH bulls nowadays. This leaves a strong asymmetric opportunity for the bulls if there are any left.
A move down to take out longs SL below 2500 and push to 2300 is not out of question but this fractal from JAN 2024 sums up my idea on where ETH might head towards in the coming months.
There is a lot liquidity at the major sell off levels that typically gets tested or filled.
ETH is in a major downtrend no doubt and the berus are winning. But something has to give and right now the RR is skewed far more towards the longs and bulls imo.
Nota
Most obvious bear case that everyone is calling for. Time will tell which happens
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