If ETH does not go into correction in the coming days - then the timelines and levels for its start are open for us. And for bears, there may be many unpleasant things on the way to the correction.
In the rise of recent days, the price gave two signals according to our indicator, which very rarely go unnoticed:
- The already mentioned Strong signal of a potential high on the daily timeframe. Today its high has already been rewritten, which adds additional problems for the bears.
- Strong signal of a potential high on the weekly timeframe. At the beginning of the week, the marker was ordinary, yesterday's rise elevated it to a strong status, increasing the likelihood that this is the extreme.
Let's stop and detail the second moment. Since 2021, there have only been two such signals, this is the third. Every time after such a signal, the price went into noticeable corrections. BUT there is intrigue - there are still 4 days until the weekly candle closes. And where its high will be set - the question is still open.
IF the price starts to plunge into downtrends on the 30-minute, hourly timeframe - we will consider that the correction has started. As of now, the downtrend exists only on the 5-minute timeframe - the question of the correction's start remains suspended.
Therefore, there is no point in talking about the goals of the correction yet. But in general, considering the daily and weekly markers, we expect a drop below $4,000.
We are observing, not shorting $ETH
(and we will consider the potential execution of the Strong signal high only as an opportunity to accumulate long positions). We only hold shorts on BTC as the main liquidity donor for the altcoin market, which has shown many high markers and signs of buyer weakness.#ETH #Ethereum #BinanceSquare