The crypto market has been in a small downtrend recently and pretty much all cryptos have suffered. Ethereum has been trading sideways for 2 weeks now and has confirmed an equilibrium pattern on the daily chart. The current high of the pattern is $226.22 and the low stands at $200.5 although a new higher low seems to be forming at $202.46 but is not confirmed just yet.
The 4 Hour Chart is showing an extended bear flag that could still be confirmed. The volume is lower every candlestick and a break of the bear flag seems imminent, not necessarily a bear break though. Similarly the daily tightening pattern is also really close to a break with really low volume for the past 5 days.
The bears have not yet confirmed a weekly downtrend as they need to set a lower high to confirm it, the last high is at $364 however, the most likely outcome would be a weekly equilibrium pattern.
Bulls on the other hand are trying to confirm a monthly uptrend and are still trying to set the low which is currently at $190.11. Bulls will have to break the high of $364 if they want to confirm an uptrend on the monthly chart.
The 4 Hour Chart is showing an extended bear flag that could still be confirmed. The volume is lower every candlestick and a break of the bear flag seems imminent, not necessarily a bear break though. Similarly the daily tightening pattern is also really close to a break with really low volume for the past 5 days.
The bears have not yet confirmed a weekly downtrend as they need to set a lower high to confirm it, the last high is at $364 however, the most likely outcome would be a weekly equilibrium pattern.
Bulls on the other hand are trying to confirm a monthly uptrend and are still trying to set the low which is currently at $190.11. Bulls will have to break the high of $364 if they want to confirm an uptrend on the monthly chart.