Ethereum looking to continue its bearish trend. Forming new bearish triangle with support at 182. Overall RSI peaks trending downwards. ETH has maintained steady decrease in blue channel since breakout pattern emerged. Bearish divergence appears appears in RSI and still dropping. MACD also gaining strength in bearish direction.
If trends continue, we should see a continuation pattern similar to what we have seen. Expect immediate price to drop to 4hr resistance levels at $175. The $175 position is a key fibonacci level from previous trend from low of 138 to high, expect it to hold. Next support level down is 160, too previous low.
This may have a chance to hold. If breaks up, previous support turned resistance at 180 and 190 will be tested.
Target short at 175, and if that breaks, we are looking at 160 down to previous low of $138, before bullish momentum and support kicks in. On small scale chart, there is a falling wedge appearing, which is an indicator, as well as a small bullish divergence forming, that we will be going back up relatively soon.
Let me know your thoughts, thanks!
If trends continue, we should see a continuation pattern similar to what we have seen. Expect immediate price to drop to 4hr resistance levels at $175. The $175 position is a key fibonacci level from previous trend from low of 138 to high, expect it to hold. Next support level down is 160, too previous low.
This may have a chance to hold. If breaks up, previous support turned resistance at 180 and 190 will be tested.
Target short at 175, and if that breaks, we are looking at 160 down to previous low of $138, before bullish momentum and support kicks in. On small scale chart, there is a falling wedge appearing, which is an indicator, as well as a small bullish divergence forming, that we will be going back up relatively soon.
Let me know your thoughts, thanks!
Comment:
Until we break the major downtrend, expect cyclical movement inside the channel to continue.