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Ethereum – ETH price (COIN:ETHUSD) is a huge bear market, which has started since 2021, and would continue till 2024. The best line of action to follow here is to sell and sell short.
4 EMAs are used for this analysis and they EMAs 10, 20, 50, and 200. The color that stands for each EMA is shown at the top left part of the chart.
All the EMAs are essentially sloping downwards, although price is currently above the EMAs 10, 20 and 50, owing to the recent mild bullish effort. Price will eventually go below them again, as the market crashes through major support levels.
Of course there would be rallies along the way, orchestrated by positive fundamentals, events and improved metrics. Nonetheless, that would eventually prove to be bull traps as bears will prevail and drive prices further downwards.
This is no joke: ETH is set for massive southwards movement which will happen either rapidly or gradually.
The long-term outlook on ETHUSD is extremely bearish and the support levels at $1200, $800 and $400 would be reached within now and early 2024.
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