Broken trends → significant downside ✔️
Massive level here for $ETH – how we react will set the pace for July i'd say, quick reclaims and geopolitical relaxation and we might just continue the pump.
Reject and we probably chop around and revisit the range lows, or closer to it.
We had beautiful trends holding in a not so beautiful environment, usually a good sign as long as it lasts.
Those trends are now showing weakness, signalling that we're getting chop at best, downside at worst.
Combined with seasonality – not the best picture for the short term, unless something changes on the macro/geo-political front.
Still some plunge protection 1D EMA's on the downside for $ETH, but this trend looks tired.
22.86K
104
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.