Extreme ETH Chop zone into Diamond top

by David

ETH has been underperforming since August 13th with trend fitting algos on TF higher than M5. On each pump or dump to the next chop zone, algo bots caught the trend and profited, but these pump and dump trends make up only about 8 days of trading for the entire time period.This extreme chop is informing us that price is exhausted.

Small boxes are the chop zones, each chop zone is reached with a volume spike. This is not the normal waves and pull backs that we're used to with ETH. Dip buyers and bottom pumpers see very little follow through from breakout/trend traders. This has lead ETH to enter a diamond topping pattern. The measured move is on the chart. I am hesitant to count ETH out just yet due to the amount of attention being paid to BTC and crytos in general.

Good luck.