ETH is going down to $800 with The Quasimodo Pattern
ETH/BTC weekly chart is forming a Quasimodo pattern. As a result, ETH/BTC will be going to a new Lower Low.
This means that if the BTC price rises, the ETH price will not perform that well, and if the BTC price falls, the ETH price will go even lower.
On the other hand, BTC Dominance is sitting at the 40% support zone. And it is expected to rise to the 42%-45% zone.
The ETH/USDT weekly chart shows that ETH is close to the $1000 "round number" support. But we anticipate this support will not be strong enough, and the next safe heaven will probably be $800.
If you're an ETH holder, it is wise to now protect your asset with a SHORT position.
The overall market is not worth scalping, so we advise that we just sit down and wait to see what will happen. Our prediction is there will be a large movement with BTC. Either reach the 12k-13k zone or it will successfully reclaim the 20k mark. Only time will tell.
We are Chainslab. Let us know what you think.
This means that if the BTC price rises, the ETH price will not perform that well, and if the BTC price falls, the ETH price will go even lower.
On the other hand, BTC Dominance is sitting at the 40% support zone. And it is expected to rise to the 42%-45% zone.
The ETH/USDT weekly chart shows that ETH is close to the $1000 "round number" support. But we anticipate this support will not be strong enough, and the next safe heaven will probably be $800.
If you're an ETH holder, it is wise to now protect your asset with a SHORT position.
The overall market is not worth scalping, so we advise that we just sit down and wait to see what will happen. Our prediction is there will be a large movement with BTC. Either reach the 12k-13k zone or it will successfully reclaim the 20k mark. Only time will tell.
We are Chainslab. Let us know what you think.
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