One interesting difference between BTC and ETH is that ETH has snapped its larger downward trend whereas BTC’s larger downward trend is still intact. For that reason we will only display a short term trend for ETH with a color coded, six sigma regression channel and no long term regression trend.
The Pearson score of 0.77 on the upward trending regression channel is not weak but is also not indicative of strong bullish conviction and could break down with extended time spent printing bars below the -2SD line at 1466.33. A breach of the -3SD line (1298.96) would put significant downside pressure on the trend and potentially create a shatter catalyst leading to further lows.
The Pearson score of 0.77 on the upward trending regression channel is not weak but is also not indicative of strong bullish conviction and could break down with extended time spent printing bars below the -2SD line at 1466.33. A breach of the -3SD line (1298.96) would put significant downside pressure on the trend and potentially create a shatter catalyst leading to further lows.
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getting close to shattering trend!