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Tuesday Update - Ethereum

[Ethereum 1D (Bitfinex) - Macrocount]

Dear subscribers

  • Another leg down is very likely in crypto

  • No bullish reversal below @1352.70$

Today, I want to show you our current scenario in ethereum, which is almost identical to the one in bitcoin we posted yesterday.

It appears that ethereum established an ending diagonal too and just like his big brother bitcoin, it is trapped inside the diagonal.

Currently, I have the impression that most traders are optimistic here because ethereum never broke below its last low in June @881$. Almost all altcoins are trading well below their June low's and bitcoin couldn't defend this very important level either.

But to make myself clear - as long as ethereum trades below the marked green line at exactly 1352.70$ we won't likely see a bullish reversal. If some traders on here want to short the market, they should consider this level as a possible stop-loss.

At the moment, we all should brace ourselves for another big leg down which should bring ethereum below 900$ and even 800$ if we take up enough volume on the downside...

Remember that especially in these difficult times our scenario's can change, but I promise to keep you all updated in the upcoming weeks!

[Ethereum 4H (Bitfinex) - Microcount]

Enjoy the holidays!

Benjamin Mendenmein

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