🔥 Ethereum Bearish Break Out: Support Incoming

A little while ago I made an analysis on ETH and the triangle pattern it was trading in. ETH followed the pattern, appeared to break bullish, but then things quickly went south and a huge sell-off followed.

For now, I'm not convinced that we're out of the woods. Bearish momentum seems to be strong and a V-shaped recovery is seemingly not happening yet.

I'm still bullish in the longer term. I'm expecting strong support to be found around the $4200 area, which can trigger a bounce. If this is not the case, expect a major bullish impulse from the $4000 area. Be patient and wait for a big bullish candle to signal the reversal.

Happy trading!