ETH getting battered, but for how long?

Hello and welcome to another ether hunting trip!

Unfortunately in my last analysis, I failed to spot the HS forming and I got stopped out at 680 and locked in some profits. I'm currently on the sidelines and reevaluating.

So where do we begin?

What do we know?
- We broke the downtrend channel.
- We have failed to sustain the outbreak and now are inside the downtrend area again.
- We reached 800€ before dropping to below 700.

What do we not know?
- Where is the market going? There are no clear indications except the obvious thing which is down right now.

I am waiting for another move either back up to 720 or down to the lower end of the minor support to get some more validation.

This could drop all the way down to the 450€ to confirm a double bottom.

I am not quite bearish yet, but I am not feeling particularly bullish either anymore, definitly tread with caution here.

Good luck :)

Komentarz:

We are inside the minor support channel right now, it has held for now, but we need to get a clear direction from here. A solid bounce from the minor support is looking unlikely now, but if it happens we could see another small rally up to the neckline of the HS.

Right now we are consolidating until the market makes a decisive move.

A breach below the minor support will increase the likelyhood of testing our very bottom at 400-450€ again.

Komentarz:

Got a interesting idea after zooming out :) I'll be back with updated chart today !

Komentarz:

We got a bounce, I’m waiting to call this legit until we get past the downtrend channel.

Komentarz:

Updated idea