ETH - New Patterned Identified Ethereum / TetherUSBINANCE:ETHUSDTVIAQUANTI have identified a new pattern for ETH after the "failed breakout" from my last post: In the last post, I was watching for ETH to retest the resistance trendline as new support and make the move higher. But with the Iran war, price broke below the trendline leading to what I noted would be a "failed breakout". Now that more price action has had time to develop, it is clear to see ETH's current structure. Many touchpoints for sellers at the top (red arrows) and a few touchpoints for buyers at the bottom (green arrows). Sadly, does seem to be some sort of bear pennant which means the probability of a breakdown is much higher. ETH is also trying to form a weekly reversal doji which could change things. The price action the develops from the futures open tonight -> Wednesday morning will likely dictate the direction of the next major move. With make a follow up post with more soon. For now, watch for a breakdown or breakout of this new pattern!