🔥 Ethereum Short Term Outlook

Over the course of 2 months, ETH is on its way to print a bearish triangle. As seen by the arcs drawn on the chart, the arcs are becoming thinner and lower, classical behaviour of a bearish triangle and a corresponding bearish outlook.

Of course, if BTC manages to retake lost ground, it's to be expected that ETH will follow suit. In the bullish BTC case, I'm expecting ETH to break through the blue resistance line over the weekend. For next week the major resistance lies at 2400.

In a more bearish outlook, it's to be expected that ETH will see some minor gains today, only to hit a wall at the blue resistance line and reverse back where it came from.

The red area of major support has held 4 times in the past two months. In case that ETH will follow a classical bearish pattern it's to be expected that ETH will break through this support at some point in the future. When the red area of support fails, I'm expecting a further drop to 1500 or even lower.

Happy trading!