Hello everyone, Ethereum weekly candle closed bearish. After a small pullback, we came back close to our support level at $3950. Right now price try to stay above $4000. In the short-term, the consolidation is expected, and in the long-term as long as we are above the weekly level at $3950 we are still bullish.

Levels to watch:

• Monthly resistance at $4200

• Weakly support at $3950

• Point of control (from 250 bars) at $4710 (resistance)

• Point of control from the previous day at $4190 (resistance) 

Perfect Scenario for Bulls

As we can see there is a correlation between these two patterns. This is the perfect scenario for the bulls and to be honest very possible.

Open Interest

Volume is slowly declining the same as Price and Open Interest. This is a sign of trend weakening.

Initial Balance

Low Volume in the first hour of the session indicates a trending session. A high range in the first hour of the session indicates a rangebound session. Daily open is near IB Low and participants drove the price up on open which indicates a higher probability of an up-trending session.

General Thoughts

If the price breaks the weekly level at $3950, it will be a strong bearish signal. If we maintain the price above $3950, it will become a starting point for a new upward movement.

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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.

Hope you found today’s article helpful. Have a nice day :)