ETH- Sitting at Supply Level- Update

12 Mar 2022

Posting a quick update on ETH here as it's currently sitting at a make-or-break spot. ETH is holding quite a large symmetrical triangle here on the daily timeframe but also is rejecting both its 20 and 50-Day EMAs. ETH is also currently hugging a big RSI-Based supply level & bouncing off the .236 FIB level.
Additionally, something certainly worth noting and keeping an eye on the 4-Hour timeframe- Big Head and Sholders formed along with a bearish bat harmonic pattern (See Attached Chart Below). On a slightly different note, with pending regulations rolling out I personally would expect some further downside as the panic selling begins. Heikin-Ashi candles already depict a decrease in bullish momentum. Just some FIB levels to watch along with some RSI-based supply and demand zones to keep an eye on in the meantime- Bearish in the short-term but bullish in the long-term so will be watching closely for potential long entries, all previous charts are attached below.

- Symmetrical Triangle on the daily timeframe
- Hidden Bearish divergence on the RSI on the 4-Hour Timeframe
- Head & Shoulders on the 4-hour
- Bearish bat harmonic pattern on the weekly timeframe (See Attached Chart Below)
- Declining volume on the weekly timeframe (See Attached Chart Below)

--4-Hour Timeframe--
https://www.tradingview.com/i/xNTcdWBo/
--Previously Charted--
https://www.tradingview.com/i/EZJPcuhT
https://www.tradingview.com/i/qYWrP3SO
https://www.tradingview.com/i/vCwTO77E
https://www.tradingview.com/i/JlQlI5oY