Ethereum

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 <a href="https://notes.hurstcycles.com/ethereum-update-9-february-2023/?fpr&#61;blockhead" rel="noopener noreferrer nofollow">linked note</a> we look at the case for a sell-off in more detail on both daily and 240 minute bars.For more insights, visit <a href="www.blockhead.co" rel="noopener noreferrer nofollow">blockhead.co</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bf592ef445864c96adb771bf2812cfbd.jpeg" />This note is published in conjunction with Hurst Cycles Notes. A <a href="https://notes.hurstcycles.com/macro-outlook/macro-outlook-6-february-2023/?fpr&#61;blockhead" rel="noopener noreferrer nofollow">Macro Outlook note</a> comes out every Monday. The macro outlook series (subscription $37 per month) covers much of the macro complex: US Dollar, Gold, Copper, Oil, Yen, Euro, SPX, Nikkei, Bitcoin and US 10-year yield, along with extra content, long term views on multiple assets and updates every week.

Blocksmith Says: Bearish Pressure Building for ETH

Blockhead

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