[ETHUSDT] Continuing to show signs of distribution

The ETH/USDT chart presents a potential distribution pattern that warrants close attention. Distribution typically occurs after a market has experienced a substantial rally and is characterized by large players starting to offload their holdings to the market. This process can lead to a plateau in price, with a series of rallies and declines that often confuse traders. In the chart, we see what could be a series of tests (TEST) and upthrusts (UTAD), which are indicative of distribution.

A key aspect to consider is the impact of external news on market volatility. Recently, there's been significant chatter about Bitcoin ETF approval, which can influence the entire crypto market. Such news events can trigger 'scam wicks' — sudden spikes in price that quickly reverse, often intended to trigger stop losses or to mislead traders about market direction. This news could trigger a big move in either direction. So be on the look for this in the coming days or weeks.