The bulls are ready to step in. They are waiting very patiently to enter the market for an upcoming uptrend!
I think this huge downtrend on the 4h chart is over and we need to go up now, because nothing moves in a straight line like Luna.
I see a lot of indicators on the stock market and also on other altcoins that the bulls are gaining strength temporarily.
But I think this will be just a relief rally before a continuation to the downside in the direction of the major bear market.
On the 4h chart we can spot a nice descending channel and the price is currently breaking out! I expect 0.618 FIB and the previous breakout level to be strong resistances where the bears will appear again.
According to my Elliott Wave analysis, we have finished the strong impulse wave to the downside and we are now looking for an ABC retracement.
Also, the price is consolidating in a symmetrical triangle and we are very close to a breakout, so place your orders if you trade Ethereum.