Trade Setup: Ethereum 15 Month Ascending Triangle Breakdown
Updated
Ethereum's price performance has ultimately been disappointing following the merge in 2022. Last week's futures ETF news was not enough to save it from breaking down from the ascending triangle, which price has been consolidating within for 15 months now with declining volume. The ETH inflation rate has recently risen because of declining on-chain activity. A few days ago, the Ethereum foundation sold 1700 ETH from their reserves for USD, which may indicate that they anticipate some short-term bearishness. ETHBTC has been making new monthly lows and looks like it is heading towards capitulation below 0.05, this will further fuel the dump on ETHUSD.
As for price targets, there is horizontal support between 1300 and 1100 that correlates with Fibonacci levels. I am eyeing this to take profit and don't expect a return to bullishness until sometime after the BTC halving in 2024.
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As for price targets, there is horizontal support between 1300 and 1100 that correlates with Fibonacci levels. I am eyeing this to take profit and don't expect a return to bullishness until sometime after the BTC halving in 2024.
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Trade closed: stop reached
Unfortunately got stopped out on this one as Bitcoin ETF rumours caused the whole crypto market to rally.
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