- The bears are in full control because ETH is below the two major trendlines and also below the 200-day moving average.
- We have a FTX GAP between 1545 and 1352. This gap was caused by a huge panic sell-off of traders due to the collapse of the FTX exchange and by CZ Binance, who tweeted that he was not going to buy FTX as he wanted. This gap can be filled, but of course it doesn’t have to.
- Also, there is a 0.618 FIB at 1415 + the top of the yellow trendline + the 200-day moving average, which is another strong resistance. The bulls need a lot of strength to break this zone, and even if they are able to do it, there is another white trendline, which is the top of the parallel channel at around 1800. It’s hard to say if the bulls will be motivated enough to break it.
- I don’t want to be bullish about this strong resistance, but we can definitely touch it, no problem. At this moment, my trades are only short-term swing and intraday trades, so I am not thinking about buying any coins for the long term.
- I still think the bear market will continue in 2023 because other coins look extremely bearish , including Bitcoin .
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- As you can see on the chart, the price is moving in two parallel descending channels. The top trendline of the first white parallel channel has only two touches, so the third touch should be rejected strongly.
- This is a bearish Elliott Wave count, and we are currently at the 3rd wave of the 5th wave. I suggest continuing lower to complete this impulse wave.
- I would love to buy ETH for around 250 – 300. I believe it is possible to get there, based on other assets such as stocks. TSLA , META, NTFLX, etc. are experiencing the biggest crash in history. And ETH is also, basically, in the IT sector.
- If ETH drops below the key resistance of 1073, I expect a huge flash crash to the bottom of the descending channel .
- Overall, I am bearish , and we may definitely see some relief rally. But don’t get rekt by the main resistance I mentioned earlier.
- Look at my idea about SOLANA (exponencial growth) in the related section down below.
- Thank you, and for more ideas, hit “Like” and “Follow”!
- https://www.tradingview.com/chart/ETHUSDT/xozM68bV-Ethereum-Big-overview-of-the-bear-market/
We can see an ascending parallel channel on the 4h chart, and there is a great opportunity to short ETH at the 0.618 FIB + POC + channel top!