Good afternoon my people and welcome to yet another magical trend analysis. Let's get right into it! *CHOP CHOP CHOP* What?? Am I hearing the sound of scissors cutting the price of Ethereum in half!? 50% off on ETH you say?? That's right ETH follows BTC path, the 2 are like twins with BTC being in control. Bitcoin is currently doing a 5th wave to $4700 and Ethereum will follow.
But enough BTC talk already! This is an Ethereum post so let's examine Trend Analysis on ETH to further confirm our thoughts on it. Ethereum has gone up dramatically fast since December, creating levels holes that were never revisited and creating candles never squared up. With the current state of the crypto market being globally bearish (yes friends let's not lie to ourselves the market is STILL bearish ). It only make sense for Ethereum and the big boys behind it to force the price down and clear orders down there so they have an easier time pushing it to all time high in a near future. The Fibonacci retracement are being respected on ETH and they match up with many levels that needed to be tested. Ethereum got a MASSIVE area to square up between $711 and $570 which further more leads me to believe that it is going down.
We're looking at 2 good re entry points here:
1. $570 (creating double lows) 2. $460 giving us a 100% retracement from the initial movement and respecting what I personally think BTC is going to do in the upcoming days/weeks which is breaking past its last $5900 level all the way to $4700