[Potential] ETHUSDT: Bleeding Still

Jun 4, 2022

ETHUSDT

Technicals:
- Two Multi-Year strong Horizontal Trendlines
- Stochastics is almost in Oversold conditions
- Price action close to a Short-Term Resistance Trendline (may break if Brexit causes volatility )

Fundamentals:
- The crypto space has taken a drastic hit from big capital wipeouts from major selloffs in various asset classes
- There is still plenty of fear going on in the market and this bear market may drag on for some time

Expecting a slow grind towards UDS1500/ETH (demand zone) but once market recovers, will be expecting a recovery for ETH to around the USD2450 levels.

We will be waiting for confirmations of multiple confluences before considering this trade setup ready. Patience is the key to success.

*This pair outlook is provided on an advisory basis. Any trade decisions made based on this outlook is a personal decision and we are not responsible for any losses derived from it.