If you’re in a trade or thinking of opening one on $ETH , you should read this 👇👀
After the price dropped to 2416, we saw a rebound. This rebound resulted from pressure on short positions and their stop-losses being triggered.
After that, the price formed a double-bottom pattern. However, earlier, the price had formed a bearish flag, whose targets extend down to 2376—a level the price hasn’t reached yet.
What’s happening? What’s going on? 👇
Funding rate and open interest data are now tilted in favor of long positions because of the rebound.
We’ve been trading below the moving averages, and the price has failed to return to the 2554 area.
So, what’s next? 👇
We expect the price to fail to hold against the double-bottom pattern and drop to complete the bearish flag’s targets, putting pressure on long positions before any move toward a price gap.
🔴 Downside targets: 2460/2408/2374
After the price dropped to 2416, we saw a rebound. This rebound resulted from pressure on short positions and their stop-losses being triggered.
After that, the price formed a double-bottom pattern. However, earlier, the price had formed a bearish flag, whose targets extend down to 2376—a level the price hasn’t reached yet.
What’s happening? What’s going on? 👇
Funding rate and open interest data are now tilted in favor of long positions because of the rebound.
We’ve been trading below the moving averages, and the price has failed to return to the 2554 area.
So, what’s next? 👇
We expect the price to fail to hold against the double-bottom pattern and drop to complete the bearish flag’s targets, putting pressure on long positions before any move toward a price gap.
🔴 Downside targets: 2460/2408/2374