ETH is attempting to consolidate above the 2.618 level on the monthly log chart and approaching the 21 fib zone which is a key reversal point. This maps to the beginning of August 2022... I'll be watching price action on lower time frames until then.
- Price is currently sitting at the 21 EMA and the 50EMA is below 2.618...
- If there's no clear bullish impulse above 2.618 then price is likely to retrace below this level for an extending period of time. I'm targeting the lower range of the gaussian channel if this scenario plays out.
- BTC will likely see upwards momentum before ETH in the next bull cycle which supports the bearish scenario for this chart
