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Blocksmith Says: Strong Case for Ethereum Recovery

Ethereum is stubbornly lodged in a tight band of potential support which goes back to February 2021, roughly 200 points between 1750 and 1950. The last major test of the bottom of this support ledge was mid July 2021 and a 170% advance ensued.

Now, some 10 months later, the price is back here testing again, in other words there has been a complete round trip.  At the same time, there is a fairly uniform 80 day cycle in Ethereum and price is currently in the cycle trough zone.

So taken together: we are back at key long term support, price has just taken a long round trip back to its start point after a huge rally and +60% drop in the last six months, we are in a cycle trough zone, prices have been falling hard since mid May but RSI is climbing relentlessly.

I am going to say there is a strong case for a recovery, or at the very least very limited downside.

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