Ethereum was looking really strong, however, this drop occurred really quickly, it is most probable that the whole market will be retesting their break out points including Ethereum's break out from the bullish rectangle. the support for the bullish rectangle can be seen around 280-290, in addition, there is an RSI support in this region, however, even when the support on the RSI is broken, a bounce from 40 or above would still be considered bullish to me.
In this, I have several outcomes presented, light blue, which is a possible failure of the retest of the support for the bullish rectangle; orange, which is a successful retest of the support, and I have in white where the psychological round number of 300 holds as support for ETH.
If Ethereum holds this region, there is not much resistance until 375, so I expect a strong run.
In this, I have several outcomes presented, light blue, which is a possible failure of the retest of the support for the bullish rectangle; orange, which is a successful retest of the support, and I have in white where the psychological round number of 300 holds as support for ETH.
If Ethereum holds this region, there is not much resistance until 375, so I expect a strong run.
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Previous Analysis:
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This has the odd stench of a Wyckoff Distribution:
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I suspect a movement to the first point of supply and a rejection, it could pierce this point though, and I suppose it would leave the pattern void.