Case 1: Since 01/2021 (6.5 months), ETH has been holding strong and closed the weekly candle above the black line (support line). So the current weekly candle needs to do the same thing to protect the bull market and reverse the downtrend. we shall see by 5pm on Sunday when the weekly candle closes.
Case 2: If the current weekly candle close below the black line, then we will see more downside coming in the next following weeks because sellers are trying to make lower low (like the purple parallel channel).
Case 3: if buyers are weaker, sellers will try to short the whole market down to the red line, and if they are successful, we will be in bear market (the top of market was $1415 back in 2018, and if market fall down below $1415 then yes, we are in the bear control.
Case 2: If the current weekly candle close below the black line, then we will see more downside coming in the next following weeks because sellers are trying to make lower low (like the purple parallel channel).
Case 3: if buyers are weaker, sellers will try to short the whole market down to the red line, and if they are successful, we will be in bear market (the top of market was $1415 back in 2018, and if market fall down below $1415 then yes, we are in the bear control.