KRAKEN:ETHUSD in the past week collapsed to $1’720 and finds support at mid-2021 lows. There is a big probability of over 70% to start some kind of accumulation, but big whales will try to drop it even lower over $1’600 – expecting this scenario in action at the beginning of June.

What is the supported thesis technically for the expected scenario on Ethereum?

– 9 months wedge formation will take a pressure on price action in the next 1-2 months
– The MACD indicator hits low points and soon will start forming some flat
– On Daily TF the downside impulse is still not finished
– Don’t over-react the situation is still nothing so scary

If you have any questions related to this trading idea I will be happy to provide you with answers.