Air monthly boys, I have good news and bad news for you!
The bad news is that on the weekly timeframe, ETH has formed a double top pattern and has broken the neck line.
Now it is coming back to test this neck line. A successful retest will trigger a major bearish move for ETH. I expect a 50% drop in ETH, which will send it into the $1000 zone along with altcoins. This will create a huge slaughter in the market. The neck line is at the level of $2137
Now for the good news. Speaking of the double top, I think you have already heard about it from me recently. Yes, you are right, King. BTC has also formed this pattern, and the retest of the neck line failed as BTC regained the neck line.
The rule is that BTC shows the move, and others just follow it. So you still have hope that ETH might follow BTC and regain the neck line. Closing the weekly candle above the neck line will nullify the double top.
We bought ETH in the $1500 - $1300 zone and currently have more than 30% profit. I advise you to reduce the risk of your position (this is more than 50% profit) at this neck line, use a hard stop-loss, and wait for a clear signal.
