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Ethereum's bulls exhausted or not?
Ethereum's bull run this year was no easy feat. Widespread adoption of the underlying crypto technology into building DAOs and of course, the NFT market has propelled the currency to all time highs.
However, technical charting shows underlying market weakness. Ethereum is sitting on a strong level of support including the 0.382 fibonacci retracement level of the previous impulse leg and a trendline from the most recent impulse leg .
Volume breadth shows that the traded volumes on Kraken have been steadily falling since May 2021 when the ATH was hit.
This indicates that a correction that might last through winter is on the cards. Technically the move upward will be an uphill task for bulls.
However, technical charting shows underlying market weakness. Ethereum is sitting on a strong level of support including the 0.382 fibonacci retracement level of the previous impulse leg and a trendline from the most recent impulse leg .
Volume breadth shows that the traded volumes on Kraken have been steadily falling since May 2021 when the ATH was hit.
This indicates that a correction that might last through winter is on the cards. Technically the move upward will be an uphill task for bulls.
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