Blocksmith Says: Bearish Pressure Building for ETH

Bearish pressure looks to be building for Ethereum. We think that the price high on 2 February could be that of a 20 week cycle peak. This is a big cycle and the implication of a peak is that it has now begun its downswing.

The next 20 week trough isn’t due until mid-April. We are not expecting a monster sell-off as the even longer term trend is still up. Nevertheless if the peak is actually in we should start looking at the first subdivisions lower from here.

In the linked note we look at the case for a sell-off in more detail on both daily and 240 minute bars.

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