The market is skeptical of Ethereum’s bullish trend!

[lingriiddd]

Since we placed the red arrow on the chart, Ethereum appears to have entered a bullish phase, showing initial signs of upward momentum. However, this move does not yet reflect strong conviction from buyers.

This bullish phase seems to be forming either a diametric structure or an expanding triangle, both of which typically indicate a complex and corrective market environment. Overall, this phase looks relatively weak and lacks the strength usually seen in impulsive bullish trends.

Within the red zone, wave E of this structure is expected to complete. This area is critical, as it may act as a turning point where price could face rejection and begin moving downward once again.

For this reason, the red zone can be considered a potential selling area. It may be more favorable to align with sellers from this region and anticipate a move to the downside. Keep in mind that this is likely a corrective move, meaning it can be slow, choppy, and time consuming before the next clear direction is established.

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Do you also think ETHUSDT is bearish?

[ed]

the idea of a weak bullish phase inside a corrective structure makes sense here