RLinda ! ETHUSDT-> Bearish "descending triangle" set-up
Even after positive news for Ethereum, such as the "merger" did not follow the positive reaction that so many expected We see Ethereum in the red zone again. I am still inclined to believe that the price has not reached important key liquidity zones on the support side.
The price from above is pushing down to the support level of 1279. A common "descending triangle" pattern is forming, which is a classical bearish pattern that implies a breakdown of support.
I assume that in the long term the price may form a new resistance retest and may be followed by a breakout of the trend line from November 2021, but in the short term I expect a breakdown of support 1279 and an impulse to the support and liquidity zone.
Regards R. Linda!
- The angle of decline changes with each successive downtrend after testing global resistance and becomes sharper relative to support zones
- The reaction after the global third retest is much weaker than it was before. We can assume that the buyers are gradually gaining strength, and in the medium term there might be an attempt of breaking through the resistance.
The price from above is pushing down to the support level of 1279. A common "descending triangle" pattern is forming, which is a classical bearish pattern that implies a breakdown of support.
I assume that in the long term the price may form a new resistance retest and may be followed by a breakout of the trend line from November 2021, but in the short term I expect a breakdown of support 1279 and an impulse to the support and liquidity zone.
Regards R. Linda!
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