Hello traders! Today I will analyze Ethereum/USD with detailed technical Analysis, as why the bear dump is coming. Be sure to like and follow my TradingView for more detailed technical analysis posts.
Here is my analysis for Ethereum:
1. Price touched channel's resistance and can't get past through(bearish)
The upper part of the channel acts as a strong resistance. The bulls were unable to break it with the large presence of the bears. This trendline also called 2 peaks, or tops. According to this evidence, this gives us some confidence to call a top.
2. After A peak, price dives all the way to channel support(bearish)
In previous pullbacks, after touching the upper channel, price dives all the way to channel support(green in chart). Based on history, the big plunge is coming. We have a possible dive to $1.1k, just after hitting an ATH.
3. ETH/USD beats BTC/USD in performance(bullish, but somehow bearish)
Usually, When Bitcoin goes down, Eth goes down too. But Eth went up, and Bitcoin plunged. There is a strong bull presence in the breakout of the symmetric triangle, as discussed in the next lines in this post. This is confirmation of a bear dump for Eth happening.
4. Symmetric Triangle Breakout just a repeat of history(bearish)
A breakout in the symmetric triangle to the upside would usually mean a fresh uptrend. But in the current Ethereum situation, it actually signals the end of the uptrend. Looking back at the triangles before the 2 pullbacks, they also seem bullish at first. So looking at that, the triangle is just the last dance of the bull ride.
5. Effective Divergence Indicator gives divergence from last peak(bearish)
The EffDi indicator that I have invented gives a divergence from the last peak to the current peak. This is an early warning we need to take into account. We should not buy the top.
6. Additionally, a Bearish Engulfing appears(bearish)
A Bearish Engulfing pattern, which is candlestick pattern, gives an additional support of the top being an actual top. Sorry if it is not visible in the chart, feel free to zoom in.
7.If the Moving Average Channel is broken we can confirm a bear run(confirmation awaiting)
In the previous pullbacks, the price broke the MA channel with ease. If the channel gets broken, we have a confirmation of a bear dump happening.
8. Fibonacci Resistance 1.272 acts as solid Resistance(bearish)
The Fib 1.272 acts as a solid resistance. It restricted price form going further. This is an additional sign of the top being valid.
9. Dump to 1.1k likely(bearish forecast)
This a forecast. We may witness a dump all the way to 1.1k, where a Fib 0.5 line and the bottom channel resides. It seems likely, taking into account of the previous dumps.
This are very bearish factors that we must take note. They navigate where Ethereum/USD will head to.
Thank you for reading this technical analysis. I put alot of work in this analysis. Please hit that like and follow button! Cheers!
Here is my analysis for Ethereum:
1. Price touched channel's resistance and can't get past through(bearish)
The upper part of the channel acts as a strong resistance. The bulls were unable to break it with the large presence of the bears. This trendline also called 2 peaks, or tops. According to this evidence, this gives us some confidence to call a top.
2. After A peak, price dives all the way to channel support(bearish)
In previous pullbacks, after touching the upper channel, price dives all the way to channel support(green in chart). Based on history, the big plunge is coming. We have a possible dive to $1.1k, just after hitting an ATH.
3. ETH/USD beats BTC/USD in performance(bullish, but somehow bearish)
Usually, When Bitcoin goes down, Eth goes down too. But Eth went up, and Bitcoin plunged. There is a strong bull presence in the breakout of the symmetric triangle, as discussed in the next lines in this post. This is confirmation of a bear dump for Eth happening.
4. Symmetric Triangle Breakout just a repeat of history(bearish)
A breakout in the symmetric triangle to the upside would usually mean a fresh uptrend. But in the current Ethereum situation, it actually signals the end of the uptrend. Looking back at the triangles before the 2 pullbacks, they also seem bullish at first. So looking at that, the triangle is just the last dance of the bull ride.
5. Effective Divergence Indicator gives divergence from last peak(bearish)
The EffDi indicator that I have invented gives a divergence from the last peak to the current peak. This is an early warning we need to take into account. We should not buy the top.
6. Additionally, a Bearish Engulfing appears(bearish)
A Bearish Engulfing pattern, which is candlestick pattern, gives an additional support of the top being an actual top. Sorry if it is not visible in the chart, feel free to zoom in.
7.If the Moving Average Channel is broken we can confirm a bear run(confirmation awaiting)
In the previous pullbacks, the price broke the MA channel with ease. If the channel gets broken, we have a confirmation of a bear dump happening.
8. Fibonacci Resistance 1.272 acts as solid Resistance(bearish)
The Fib 1.272 acts as a solid resistance. It restricted price form going further. This is an additional sign of the top being valid.
9. Dump to 1.1k likely(bearish forecast)
This a forecast. We may witness a dump all the way to 1.1k, where a Fib 0.5 line and the bottom channel resides. It seems likely, taking into account of the previous dumps.
This are very bearish factors that we must take note. They navigate where Ethereum/USD will head to.
Thank you for reading this technical analysis. I put alot of work in this analysis. Please hit that like and follow button! Cheers!
