$ETH - It looks like the price has rejected at the 1D Bull Market Support Band, which has been a strong reversal spot over the last couple of months, as I highlighted in prior PAT Updates, and this was largely expected.
Because of this, as covered in one of my latest alerts and as I’ve mentioned before, I’ve scaled back into my hedges, since this rejection opens the door for a deeper pullback on the mid-term back into the high-timeframe support range, marked in green, at $2.6K–$2.7K, before a more durable reversal to the upside.
In the bullish scenario, we’re going to see a double-bottom forma