Technical analysis by FeelsStrategy about Symbol ETH: Sell recommendation (6/17/2024)

ETH reached local resistance in the form of the red zone of the channel, faster than the last cycle.What does this tell us? The consolidation before the next move may be longer.🤔Most will say that ETH has not reached ATH yet, so it should go up right now, I can say that ETH mostly lags in taking past highs and does it sometime after that like Bitcoin did.💡And the phase of more active growth is at the end of the cycle, so be patient and the market will thank you with a profit.The script↗️ was written by me two months ago and is still relevant.Ethereum will continue to consolidate in minus 25-35% from ATH.Currently, in anticipation of the full deployment of the ETF, the price begins to smoothly enter the red tape of the Keltner channel, mainly for the next movement a retest is required, as it was at the end of 2020.💡I think closer to autumn we will see a movement in the middle of the red tape, which will lead to its upper limit (6k+ at the moment)The ETH returns to the red channel again. This channel will likely serve as its main movement area until the peak in 2025.I expect turbulence in the coming days. But the start of ETF trading is, of course, a very positive event for adopting the 2nd cryptocurrency.But in the medium and long term, everything is going well for us, and we expect ATH to be beaten already in the fall.What's up with ETH?Today was difficult for the stock market, one of the biggest down days in the last 4 years. #Ethereum has a large technology team that makes it look like a company with a Nasdaq and it is not surprising that it is correlated with this drop today.🤔What's up with the ETF influx? So far, we have a strong outflow through grayscale, but according to forecasts, in a few weeks the outflow should end, and the inflow should increase.💡This generally coincides with our forecast for the cryptocurrency market, we expect positive things from autumn.