With price action following the November '22 fractal step-by-step, we should stay vigilant of a sharp ETH correction.
On the technical level, we find plenty of evidence for bulls running out of steam with ETH, BTC, and TOTAL2 all running into major resistance.
Combined with a lot of fresh longs entering the scene, all we need is a catalyst to create a mass liquidation event ala FTX. Could be the SEC, could be the Shanghai update, or could be more Binance FUD. Whatever might ignite a spark, a correction is overdue. And with the 1700 level resisting any sustainable continuation upwards, the local top is likely in.
Heading into the demand zone, we have price targets for this idea at 1080, 1000 and 930.
On the technical level, we find plenty of evidence for bulls running out of steam with ETH, BTC, and TOTAL2 all running into major resistance.
Combined with a lot of fresh longs entering the scene, all we need is a catalyst to create a mass liquidation event ala FTX. Could be the SEC, could be the Shanghai update, or could be more Binance FUD. Whatever might ignite a spark, a correction is overdue. And with the 1700 level resisting any sustainable continuation upwards, the local top is likely in.
Heading into the demand zone, we have price targets for this idea at 1080, 1000 and 930.
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Time to make it – or break it.
