Technical analysis by TipsOfPips about Symbol ETH: Buy recommendation (1/25/2025)

Anyone who is looking to go long on ETH just be a bit careful and consider this analysis as something which could play out.The first reason why I think we don’t start going up quickly again until mid-late Feb is partly due to the technical analysis showing unmitigated areas of supply / significant imbalances /FVG’s- which typically slow the market down by causing some negative price action.The second reason is because of the bitcoin miners and related equities like Coinbase and Microstrategy…they have just entered a significant area of supply after a 3 wave move up - this implies the more likely move is down for at least a couple of weeks. Also on the daily timeframe Coinbase and Microstrategy show Elliot Wave counts which imply wave C down has not come in yet depending on how you interpret the charts.The third reason is because $3000 ETH is a psychological level resting in an untested demand zone which is nestled underneath a double bottom type structure which indicates it to be a likely area for price to head down to.It is tricky to find a highly probable trade on ETH at the moment - so it’s a waiting game until something clearer develops.