As visible in the chart, we have a well-established bullish trend and market structure in the daily timeframe chart of ETH.
Following the formation of a top on March 12th, 2024, the price initiated a corrective bearish move, corresponding to an ABC zigzag correction and retracing approximately 61.8% from the previous bullish move.
Furthermore, the price has also reached a bullish trendline, which could act as static support.
Additionally, tomorrow, on April 19th, we have the halving event, which has historically brought buying pressure to ETH.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Following the formation of a top on March 12th, 2024, the price initiated a corrective bearish move, corresponding to an ABC zigzag correction and retracing approximately 61.8% from the previous bullish move.
Furthermore, the price has also reached a bullish trendline, which could act as static support.
Additionally, tomorrow, on April 19th, we have the halving event, which has historically brought buying pressure to ETH.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
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