#ETH has been struggling ever since the successful #ETHMERGE transition to POS.
This was to be expected, as I'd been warning of a "buy the rumor, sell the news' situation for weeks.
Things to note:
- Rejection just under GP @ $1789
- Broke back below LT downward sloping trendline
- 9SMA rolling over, VERY bearish
- Getting rejected @ 100SMA $1480ish
- Bear target #1 $1300ish re-test of BF support
- Bear target #2 $1000 - $1200 liquidity zone
- Bear target #3 re-test June low
If there's 1 thing to note, let it be the posturing of the 9SMA.
The 9 turning down on the daily & 4HR TFs is VERY bearish.
Go back & look what happened @ the Aug high.
My LT thesis has NOT changed. See my earlier work for BF targets.
People thought I was crazy for saying the merge was bearish, & they think I'm crazy for calling for a $300 - $400 ETH, but what if I'm right again?
Play safe, avoid hype.
This was to be expected, as I'd been warning of a "buy the rumor, sell the news' situation for weeks.
Things to note:
- Rejection just under GP @ $1789
- Broke back below LT downward sloping trendline
- 9SMA rolling over, VERY bearish
- Getting rejected @ 100SMA $1480ish
- Bear target #1 $1300ish re-test of BF support
- Bear target #2 $1000 - $1200 liquidity zone
- Bear target #3 re-test June low
If there's 1 thing to note, let it be the posturing of the 9SMA.
The 9 turning down on the daily & 4HR TFs is VERY bearish.
Go back & look what happened @ the Aug high.
My LT thesis has NOT changed. See my earlier work for BF targets.
People thought I was crazy for saying the merge was bearish, & they think I'm crazy for calling for a $300 - $400 ETH, but what if I'm right again?
Play safe, avoid hype.