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Blocksmith Says: ETH Close to Cycle Trough Zone

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Sticking with the format of slightly longer term line charts in today’s note. Ethereum, like Bitcoin, is close to a cycle trough zone, which implies that a new cycle is about to begin an upswing, thus limiting downside risk.

Notice also the way that four trend lines, external and internal are funneling together here. Typically when we see this narrowing in of range it implies that some sort of higher magnitude shift is at hand.

The preferred view remains that, despite overall market volatility and more “random” price action lately, downside risk is limited and ease of movement is to the upside.