Almost Free Ethereum!?!? Is this actually possible?
So....I noticed something very odd about the Ethereum chart a couple of weeks ago.
I've compared it other to a few other crypto's but I could only see it on Ethereum.
A basic technical analysis concept is the breakout and retest. For an asset to keeping pumping, you need of breakout over a new high, eventually come back to the breakout price and then strongly bounce off it.
As you can see, Ethereum broke out of the 2018 ATH in March 21, subsequently making a new ATH of $4852 in November 21 and eventually came back to retest the 2018 ATH between June and December 2022.
Unlike
BTCUSD which tested and smashed the 2021 ATH to pieces in 2024, Ethereum never even tested the 2021 ATH, leaving a lot of traders and investors confused due to the perceived strong correlation with Bitcoin.
Ethereum failed twice to make a new ATH after notable rallies. This happened in March 24 and December 24. This is bearish.
On top of this fact, the two highs Ethereum made in 2024 were near equal highs making it a double top on the Monthly TF. This is ULTRA BEARISH and very uncommon IMO to see a perfectly formed double top on the Monthly TF.
Monthly Trading volume has also been declining since January 2021. There are also large buying fair value gaps, underneath the current price, left behind from all of the previous crypto cycles.
If this Monthly double pattern top plays out, there are three natural 'TP' zones based around three Monthly Bullish Order Blocks. These are areas where significant buying support existed previously on the MONTHLY timeframe.
The lowest bullish order block starts at $6.74!
Ethereum has effectively spent over THREE YEARS consolidating between the 2018 ATH and 2021 ATH, which leads me to believe that the eventual distribution will be violent, powerful and fast.
IMO there is nothing remotely bullish about this chart at all from a purely technical basis.
Couldn't Ethereum just randomly pump and break the ATH? Anything is possible, but based on the last three years, it is highly unlikely before a huge fall.
$2062 is the Double Top Neck. If the prices breaks underneath this price, the oblivion move will be on.
The only question then would be how low will it go?!?! Zero may very well be on the cards.
Think this is impossible? I'm sure most people thought that about
USOIL
ETHUSD
I've compared it other to a few other crypto's but I could only see it on Ethereum.
A basic technical analysis concept is the breakout and retest. For an asset to keeping pumping, you need of breakout over a new high, eventually come back to the breakout price and then strongly bounce off it.
As you can see, Ethereum broke out of the 2018 ATH in March 21, subsequently making a new ATH of $4852 in November 21 and eventually came back to retest the 2018 ATH between June and December 2022.
Unlike
BTCUSD which tested and smashed the 2021 ATH to pieces in 2024, Ethereum never even tested the 2021 ATH, leaving a lot of traders and investors confused due to the perceived strong correlation with Bitcoin.Ethereum failed twice to make a new ATH after notable rallies. This happened in March 24 and December 24. This is bearish.
On top of this fact, the two highs Ethereum made in 2024 were near equal highs making it a double top on the Monthly TF. This is ULTRA BEARISH and very uncommon IMO to see a perfectly formed double top on the Monthly TF.
Monthly Trading volume has also been declining since January 2021. There are also large buying fair value gaps, underneath the current price, left behind from all of the previous crypto cycles.
If this Monthly double pattern top plays out, there are three natural 'TP' zones based around three Monthly Bullish Order Blocks. These are areas where significant buying support existed previously on the MONTHLY timeframe.
The lowest bullish order block starts at $6.74!
Ethereum has effectively spent over THREE YEARS consolidating between the 2018 ATH and 2021 ATH, which leads me to believe that the eventual distribution will be violent, powerful and fast.
IMO there is nothing remotely bullish about this chart at all from a purely technical basis.
Couldn't Ethereum just randomly pump and break the ATH? Anything is possible, but based on the last three years, it is highly unlikely before a huge fall.
$2062 is the Double Top Neck. If the prices breaks underneath this price, the oblivion move will be on.
The only question then would be how low will it go?!?! Zero may very well be on the cards.
Think this is impossible? I'm sure most people thought that about
USOIL ETHUSD 
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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.