Ethereum - Bulls Should be Worried.

My chart is simple and straightforward this time around.

I still believe it is a horrible time to buy, and a very big mistake if you decide to go long today.

Note

Note

We are in the questionable bull market phase.
That is because the price > red MA > blue MA.
A real bull market is when price > blue MA > red MA. (see December/January).

Things are not that great right now because Ethereum completed a Elliot Wave pattern, which would in theory call for a correction. I have not seen the correction fully play out. On top of that, we are bordering the 100 day Simple moving average (red line). The last time it broke the red 100 day SMA, it was very bad news (see black squares on chart on chart).

But this time one could argue the blue SMA could act as support, and I wouldn't disagree, and that's where the correction may end. But I personally think we will go down further due to the cyclic nature of Ethereum - pumps with massive sell offs.

I'll update if I can think of more ideas.

In the meantime, good luck all!

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I think Ethereum will follow Cardano, just like how it followed the Elliot wave cycle previously (see one of my pictures in my previous analysis).

Based on those figures a drop to lower 500 can happen.

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Not good.

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You might want to ignore my previous posting right above if anyone is still looking at this idea. I will publish a completely new idea on Ethereum when I get a chance.

UnknownUnicorn1000353

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