ETH bigger perspective
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At this point it would be unreasonable to call a top until it becomes more apparent. The overall trend is upward and we are about 4 months from that being a 2 year long trend.
If we look at past movements we can see that this weekly candle indicates some support in the 3200-4000 range.
The uptrend remains intact pending a breach of last weeks low.
Of course we can't analyze ETH's bigger time frames without considering what BTC is doing.
Here we see that BTC is exhibiting none of the characteristics of previous tops. A break of the the highs from this year would indicate further bullishness.
As I'm sure some of you are aware, the SPY ETF has a strong correlation with BTC.
Again looking at longer time frames, it appears that the SPY is not showing any signs of slowing down as of yet. All things considered, there is no reason to expect a top in the near future. That being said it does not mean that it's impossible, just unlikely at this point.
If we look at past movements we can see that this weekly candle indicates some support in the 3200-4000 range.
The uptrend remains intact pending a breach of last weeks low.
Of course we can't analyze ETH's bigger time frames without considering what BTC is doing.
Here we see that BTC is exhibiting none of the characteristics of previous tops. A break of the the highs from this year would indicate further bullishness.
As I'm sure some of you are aware, the SPY ETF has a strong correlation with BTC.
Again looking at longer time frames, it appears that the SPY is not showing any signs of slowing down as of yet. All things considered, there is no reason to expect a top in the near future. That being said it does not mean that it's impossible, just unlikely at this point.
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The marked range of support 35xx - 38xx remains as support here. It is starting to look like a strong indication that we will retest all time highs in the coming weeks.
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Well, it may have been early to call, but it certainly was right! The bear market as started. I stand corrected, forgive me trading gods.
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