#Ethereum is not bullish even remotely. Today it completed a very strong bearish combo and the perspectives for the weekly candle are not looking promising. Let’s evaluate.
Today ETH completed a Tower Top, one of the strongest bearish multi-candle formations. The combo was made on a high volume; the price dropped below 50 MA and 8/20 EMA crossed in a bearish way. The other indicators suggest a further move down.
If ETH continues down, it has a good chance to print a bearish candle or combo on the weekly frame.
I’ve been tracking red and blue counts recently, but after today’s aggressive move I am adding one more possible option – red.
Expect a minor bounce and another drop to a new lower low. If it happens, the wave down will likely extend.
ETH is working on a bigger flat for wave B. A motive wave up could be deceiving.
Possible rally to ATH. Low probability at this point.
The mid and long term perspectives were discussed in the monthly analysis:
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