Ethereum : WHALES sell, RE-Accumulation Phase NOW
It's made headlines that large whale wallets have sold off large chucks, driving the price of ETH down by over 35% in only a few days.
We see a yearly low in the daily RSI, as well as an "Oversold" flash on the Technical indicator.
The good news, is that this will give buyers a few weeks to re-accumulate ETH before the next impulse wave up starts:
For the short term, the price will likely continue to trade down the lower Bollinger Bands until the sell-off is over. Retail is catching on to the sell off, so it's likely we'll see wicky price action as this kind of volume will be attractive for algo trading.
For the SHORT and NEAR term I am bearish, but for the NEAR to LONG term I remain bullish that another impulse wave up is next.
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ETHUSDT
We see a yearly low in the daily RSI, as well as an "Oversold" flash on the Technical indicator.
The good news, is that this will give buyers a few weeks to re-accumulate ETH before the next impulse wave up starts:
For the short term, the price will likely continue to trade down the lower Bollinger Bands until the sell-off is over. Retail is catching on to the sell off, so it's likely we'll see wicky price action as this kind of volume will be attractive for algo trading.
For the SHORT and NEAR term I am bearish, but for the NEAR to LONG term I remain bullish that another impulse wave up is next.
__________________________
ETHUSDT 
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SoftQuant Website
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