Ethereum is now on its third consecutive red day and bearish action is fully confirmed. The market is preparing for a strong drop.
As I've been mentioning, this move looked up from a broader perspective is part of a small correction for the last major advance. Ethereum moved up from $2,500 to almost $4,000. Now we get a retrace that ends in a higher low followed by additional growth.
The retrace is now confirmed as Ether needs to test EMA55 and EMA89 as support. If these levels hold, you can count on a reversal right away. If these levels are compromised strongly, then prices can linger lower before a recovery shows up. It should be fast and strong. It should all happen within a few days, the crash and bottom, and the reversal a long-term process; sustained long-term growth, the market will be removing some of the weak hands.
We are going to be experiencing a bull run, are you sure you want to stay?
Protect your positions at all cost. We've seen nothing yet. $8,000 or more by the end of the bull run phase.
Namaste.
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