1. -- but can break upwards (especially in a market that is as manipulated as crypto when it comes to thin market depth during low periods).
2. Broken Support -- ether broke the trandline that connects all of its low points going all the way back to spring and summer of 2017. This is a MAJOR and should be taken seriously. However, if I recall correctly, that's only on a log scale, which honestly is BS. TradingView, I'd LOVE a LOG-LOG plot but one axis being logarithmic is not really meaningful to me. Without the log adjustment the goes to 500, still a major . The line was tested and rejected once already but a longer time frame candle has not closed just yet.
3. Descending Triangle: Last, but surely not least, the deadly . We saw what it did to the ether/btc ratio in previous months, and the fact that the and are encompassed by the , I believe that this could be a huge blow. If the triangle breaks, I'd expect a major drop with full on panic and capitulation from the new retail investors.
Throw that in with the news about the Tether investigation and I'd say ether, similar to the whole space, is in for a possible bloodbath. However, the market depth being so thin, one whale could easily put us on the path for a bull run if they so wished.
Note: There's a fourth signal, to me. If any of you are pattern traders, mathematicians/engineers that work with patterned functions you will probably see the pattern. I have been studying it for years now, and it shows that if there is a crash or correction it will be the biggest one yet. One that makes last June seem like a walk in the park.
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I have no price target, due to the unhealthy market sentiment right now. ie If tether implodes, I'm looking at sub 100. Just a correction, I'm looking for 400-600 range with a possible wick to high 300s.
This just goes to show that pairing one volatile useless asset against another allows for this type of wonky crap to go on. One whale selling btc into any alt to devalue the version of btc he or she hates. Guess what, every version of bitcoin is useless.
With out log scale.