Since early December, ETH has been trading in a strong downtrend. During this period, a downward channel has appeared on the chart. Apart from the January capitulation, we’ve been following this channel quite well. Especially the upper resistance of the channel.

With the macro environment not looking great at all, I think we’re going to see more downside in the coming weeks. As it looks now, we’re moving back to the capitulation lows around $2150. In case of a total stock market capitulation, we could even go back to $1750, which is the summer-21 lows.

Happy trading!