#Ethereum - Unbiased Analysis
ETH has one of the worst charts of all time. The price attempted to break above the range high of $4,000 three times in this cycle but failed.
On the last rejection, price broke down even below the mid-range and is also trading below the upward-sloping trendline support coming from the cycle bottom.
Two possible scenario :
1) Blue - The price continues downward as there is no major support left, potentially dropping back to the range low ($1,060).
2) Green - The price reclaims $2,500 and moves back to $4,000 for another breakout attempt.
Technically speaking, the bearish scenario looks more likely.
Even if you are an ETH perma bull, you would want to see at least the upwards sloping trendline reclaim before turning bullish again.
Reply If you Agree! 👍
