ETH - LTF Important Trendline
Just wanted to briefly show this trendline as ETH is currently battling it.
This is a lower time frame pattern (1H) so may not be as significant, but if we see a selloff begin from here it could lead to one more massive drop. The reason why is this trendline supported us all the way up during our last rally to
4K, the price broke below it, flipped it three times into new sell pressure and is currently retesting it again.
Hopefully, price can reclaim this as a level of support, but do not be surprised if we get rejected and see a move down to the white line.
This is a lower time frame pattern (1H) so may not be as significant, but if we see a selloff begin from here it could lead to one more massive drop. The reason why is this trendline supported us all the way up during our last rally to
4K, the price broke below it, flipped it three times into new sell pressure and is currently retesting it again.Hopefully, price can reclaim this as a level of support, but do not be surprised if we get rejected and see a move down to the white line.
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