Ethereum, chances of going higher NOW are very LOW.

After reaching the local peak at $280, $ETH calmed down and the local uptrend was changed to a consolidation. The first reason is the correlation between $BTC and $ETH, the second one follows Bitcoin in 9/10 cases. However, Ethereum has its own reasons to go lower.

Let's start with the triangle that had an almost horizontal support, this pattern tells about strong sellers and weak buyers. Moreover, there is a smaller pattern - bearish flag inside the triangle with a double top. Bearish sign x2. We have only one chance to go upward, to do this the price needs to go up and takes hold above the $262 - $268. In other case $ETH will continue falling down.

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Kommentar:

Bearish flag inside a triangle. The price is reaching the resistance, more likely it won't be able to break through one and fall. We can see a SHORT squeeze up to the horizontal support, but chances are quite low.