Potential Short Opportunity Emerging for ETHUSD

7 May 2023

Price saw rejection around the $2,019 level, which appears to be the completion of a regular flat pattern while also coinciding with the previous resistance established during the August 13, 2022 highs. My primary target for this short is set at $1,659, which corresponds to the equal leg target of the previous bearish impulse leg down. Continued consolidation below the $2,019 level may serve as an indication of further downside potential in the market.