$ETH playing around the macro diagonal S/R
We are possibly seeing a deviation play out here, considering how deep we are into the bear cycle.
Needs more confirmation though.
If you zoom in on this macro S/R channel and see the recent price action on the 4H chart (2nd image), PA has been trying to find balance along this same diagonal.
Depending on which way this breaks, we will know if this was accumulation or distribution.
I am bullish biased, but monitoring this chop inside an 8% price range is a good trigger for the short-term direction.
A break below $1,850 would validate the bear continuation. A break above $2,100 would validate the bull thesis and send price back to $4k by year end.
#ETH