The market is in a vulnerable state, the previous call on $ETH we made failed; we suggested before that a range/accumulation before continuation takes place, instead we experienced a further retracement resulting in a 40% drop from the all time high. However we did also suggest in the most recent prediction that the lower timeframe setup, if failed to breakout, may lead to further weakness.
Here we suggest that price will bounce back from the strong technical level shown, musk is not the primary driving factor for market downturn here contrary to what most think, and of course he has more recently reversed his statements. the on chain metrics are still strong, but show that newer entrants panic sold and realised significant losses. The trend of Coinbase outflows is still strong and suggests that large buyers are still in accumulation mode. On chain metrics show that long term holders are still buying dips.
The current technical level still needs further confirmation before it can be considered a high conviction trade. Further updates will be provided in an attempt to further verify or disconfirm whether the lower time frame market structure attains congruence with the proposed potential macro setup
Here we suggest that price will bounce back from the strong technical level shown, musk is not the primary driving factor for market downturn here contrary to what most think, and of course he has more recently reversed his statements. the on chain metrics are still strong, but show that newer entrants panic sold and realised significant losses. The trend of Coinbase outflows is still strong and suggests that large buyers are still in accumulation mode. On chain metrics show that long term holders are still buying dips.
The current technical level still needs further confirmation before it can be considered a high conviction trade. Further updates will be provided in an attempt to further verify or disconfirm whether the lower time frame market structure attains congruence with the proposed potential macro setup