CONTEXT

Ethereum sellers have pushed price down from $360 (late June) to almost half of the value in only two months. The overall order flow is bearish, however, looking at how price is consolidating more towards the bottom of the down move, it signals to me that buyers are stepping in slowly.

ANALYSIS

While price is below the key resistance level at $182, the overall bias is bearish. Should price break that level to the upside, this market has huge potential to double up in value and the bias would flip to bullish and I would look for buying setups at pullbacks to the key level. I’m expecting price to push a bit more to the downside to the next key support level at $146, where a long entry is looking like a great trading opportunity and at a cheap price.

Let me know what you think in the comments below and thank you for reading!