Let’s discuss #Ethereum for the second time today.
First, $ETH on the higher timeframes is extremely bullish overall. The only reason the lower timeframes look messy is because they’re basically showing the completion phase of those higher timeframe structures.
Now, on the 4H and other lower timeframes, ETH has formed bearish symmetrical triangles. That’s different from Bitcoin, because BTC’s structure has already graduated into a bull flag.
But let’s be unconventional with this… Ethereum has bottomed. And these bearish symmetrical triangles aren’t here to spread fear — they’re a message to the people who still haven’t gotten on the train.
So my take is simple: start buying now, because nobody truly knows whether ETH will drop to the worst case scenario or not. And that worst case scenario is the second Fib target, which does not always materialize after the first Fib target has already played out.
Also, on the monthly timeframe, ETH couldn’t rally after tapping the upper trendline until it completed the 3rd tap on ascending support — and that’s the level we’re in right now.
NFA.
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