Ethereum - Relief uptrend, the bulls are stepping in!
- The bulls are ready to step in. They are waiting very patiently to enter the market for an upcoming uptrend!
- I think this huge downtrend on the 4h chart is over and we need to go up now, because nothing moves in a straight line like Luna.
- I see a lot of indicators on the stock market and also on other altcoins that the bulls are gaining strength temporarily.
- But I think this will be just a relief rally before a continuation to the downside in the direction of the major bear market.
- On the 4h chart we can spot a nice descending channel and the price is currently breaking out! I expect 0.618 FIB and the previous breakout level to be strong resistances where the bears will appear again.
- According to my Elliott Wave analysis, we have finished the strong impulse wave to the downside and we are now looking for an ABC retracement.
- Also, the price is consolidating in a symmetrical triangle and we are very close to a breakout, so place your orders if you trade Ethereum.
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