When looking at ETH/BTC from a Wyckoff perspective, it signifies accumulation events "To the T" on a large time frame(1M).
The downtrend that began in September 2022 appears to be the beginning of the creek and a very large one at that.
Price is currently in the 0:2.272 ratio band plotted by the previous distribution high and low. This ratio is a pretty strong ratio for a reversal, but its still possible that this support structure could collapse.
If this event were to continue to rhyme with the Wyckoff accumulation schematic, price could dip into/below the previous (lower) 0:2.272 support structure from 2019 (where the ST in Phase B was printed) to form a textbook spring.
If that spring were to print below the ST in Phase B support zone, I have a 1:1.13 overshoot ratio that could prove to be potential support.
This TA doesn't guarantee further continuation to the downside; price could very well reverse here at the current support window, but it is something to consider.
Also something to note: RSI has never been this far down in the lower quadrant; currently at 15.27. So this could strengthen the odds of a reversal here in the current ratio band.
-Not Financial Advice-
The downtrend that began in September 2022 appears to be the beginning of the creek and a very large one at that.
Price is currently in the 0:2.272 ratio band plotted by the previous distribution high and low. This ratio is a pretty strong ratio for a reversal, but its still possible that this support structure could collapse.
If this event were to continue to rhyme with the Wyckoff accumulation schematic, price could dip into/below the previous (lower) 0:2.272 support structure from 2019 (where the ST in Phase B was printed) to form a textbook spring.
If that spring were to print below the ST in Phase B support zone, I have a 1:1.13 overshoot ratio that could prove to be potential support.
This TA doesn't guarantee further continuation to the downside; price could very well reverse here at the current support window, but it is something to consider.
Also something to note: RSI has never been this far down in the lower quadrant; currently at 15.27. So this could strengthen the odds of a reversal here in the current ratio band.
-Not Financial Advice-
Note
There may be a fairly decent wave up in the near future once price tags the 2.414. 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.