- Consecutive attempts to break above 200 MA on 1HR and rejected every time - Considerably larger sell volume on the second drop - Forming a clear bearish pennant - Downwards break in wedge could result in violent downwards move to .029000 then .028000 area
Fundamentals: - Serenity "Ethereum 2.0" with scaling solution estimated to not be ready until 2020, which is like a decade in the crypto-world, enough time for people to lose faith/panic sell out - Lots of downside considering the downtrend in overall market cap, its multi-billion dollar valuation, and XRP stealing its #2 spot - The more ALTS drop, the more people will exit into bitcoin, causing ETH/BTC to dump
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Boom. Broke through wedge support. Closed at 290, looking for reentry.