Dear friends!
Here we see my second favorite coin Ethereum. My first is Bitcoin and it will remain so because it is the leader of the entire crypto market.
The puzzle pieces have to fit together to make a plan. That is what I am trying to do here, to make it logical and according what the charts is showing.
Currently we have broken through the neckline of orange main shoulder formation, Ethereum has formed a bear flag and has broken out downwards there as well. My idea is therefore we are going irrevocably to the target of this HS at 2180. However, we also see that we are forming a Bullish falling wedge which however is not yet complete.
The key point in time and price would then be June 14 with a price of 2180 after which we can break out of the wedge upwards. The target of the Bullish falling wedge is therefore exactly the descending trend line over the tops of Ethereum.
However, if we break below 2100 then we will soon face the old bottom. However, I do not expect that to happen! Please note because in the longer term we have still set lower tops, after reaching the downward trend line over the tops we do need to break at least the 3000 USD with a day candle close to then get back to a full bullish scenario with old All time high in prospect.
Dear traders, this is a likely scenario but not a guarantee of course. However, for me the puzzle pieces fit together perfectly so the probability of this scenario coming to fruition is all the greater.
When you short do place a stop above 2500 USD with a short target of 2170. After that and if the bottom holds, back towards 2500-2600 USd. Nice moves where a lot of profit can be made.
Warning:
If the bottom does not rebound at 2200 USD, Ethereum will first seek the bottom at 1725 and possibly follow up with a target of 1300 which is the target of the broken large bullish triangle
Good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
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