Ethereum | Think Of It As Bullish

I get stuck on my own way of thinking... In my own unique way of seeing things.

Whenever I develop a market perspective, there is no way to get out of it... That's a problem, a true problem for somebody like me.

What to do?

Seems I am closed minded and cannot accept a different perspective other than my own, I tend to ask myself questions, to see if there is the possibility of being wrong.

Look at Ethereum, the ETHUSDT weekly chart.
Can you see it bullish?

My hard head is stuck on down/red; a bearish perspective, for many reasons that I've been sharing with you in months past and that I will continue to share... Let's look at it again, can you think of this chart as bullish?

Let's have a look... October 2023; the up-wave.
I see many green candles. I don't see much red; what do you see?

I see maximum two red candles and both are small... Ok, the bullish wave is composed of many green candles and only a few red ones.

Now, March 2024; what do you see?
I see many red candles, some are pretty big.
I see maximum two green candles with only one big...

I know of the launch of the Ethereum Spot ETF in the USA, followed by selling pressure; what to make of this?

Conclusion

➖ When the market is bullish, most of the candles end up closing green on the weekly timeframe.

➖ When the market is bearish, most of the candles end up closing red.

Seeing the change from green to red candles, I am assuming that the market is witnessing a period of uncertainty and doubt, we are no longer in a bullish trend.

Anything can happen at this point, prices can fly high up but, all we can really say is that ETHUSDT was growing strong and the growth stalled.

We can say bearish, as long as lower highs are still in place.
➖ If Ethereum moves to hit a new high vs late May, we can consider higher prices because the chart structure changed.

➖ As long as the May high holds as resistance, we continue aiming lower.
The EMAs on the chart are the immediate and critical support.

The fact that we will now have an "eternal bull-market" on the stock market, can mean that Cryptocurrency is about to enter correction mode.

There is a situation that has been decided by the FED, I will share this on the SPX trade idea... Boost this one and follow because this is important for all your trades; your finances as a whole.

Namaste.

Comment:

Ethereum is giving us some signals together with Solana... See this chart:

Notice how the daily session remains below the slow-moving exponential moving averages and is red. The same is true for Solana while Bitcoin is still green.

This indicates that the market continues with a bearish bias on the short-term.

Comment:

The bias continues bearish on the short-term:

See how any attempt by bulls to push prices higher is met with resistance; rejection after rejection.

We are about to enter full-Moon day; a key day when emotions run high.
Anything can happen...

It is still a choppy market though —the worst possible scenario for day-traders.

Lower highs since 12-March 2024.
The longest sideways phase in years...

Comment:

Not a drop of bullish action so far... We have a slow but steady decline; this is the worst type of scenario for the bulls...

It builds up slowly and then ... Boom!

The bearish bias remains strong and getting stronger by the day/hour.