ETH - two scenarios for Dec./Jan. price action
Aggiornato
Since it became a deflationary currency ETH holders are holding much better in bearish market condition.
Recent flash dump was driven by liquidations which you can see even on volume, you don't need onchain or any other tool.
Since ETH broke through previous ATH resistance, the volume has been steadily declining expect for the May crash.
I don't expect new low for ETH in coming weeks. Pullback to daily support and very long trendline (orange scenario) or bullish one (green scenario) are 2 possibilities here in my opinion.
Also, notice my two "Untouched trendline since ATH breakout" trendlines which I didn't adjust since ATH breakout. Each time ETH dumped price dropped under it and recover. Because of that I place some buy order in "D support" area for wicks chasing.
In some crazy dump continuation I will wait for consolidation and bottom confirmation before any big buys. I always leave some % of FIAT in wallets. Green boxes are my targets in dump continuation case. I don't expect ETH to drop under "W + M support" box, but who knows, this is crypto and it can always surprise us all.
Recent flash dump was driven by liquidations which you can see even on volume, you don't need onchain or any other tool.
Since ETH broke through previous ATH resistance, the volume has been steadily declining expect for the May crash.
I don't expect new low for ETH in coming weeks. Pullback to daily support and very long trendline (orange scenario) or bullish one (green scenario) are 2 possibilities here in my opinion.
Also, notice my two "Untouched trendline since ATH breakout" trendlines which I didn't adjust since ATH breakout. Each time ETH dumped price dropped under it and recover. Because of that I place some buy order in "D support" area for wicks chasing.
In some crazy dump continuation I will wait for consolidation and bottom confirmation before any big buys. I always leave some % of FIAT in wallets. Green boxes are my targets in dump continuation case. I don't expect ETH to drop under "W + M support" box, but who knows, this is crypto and it can always surprise us all.
Commento
If we close under support, orange scenario is last bullish possibilities. If we lose "D support" dip to 2.8k would be more probable.
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