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AlanSantana
Jun 9, 2020 1:55 PM

Ethereum (ETH) Strong Bearish Signal, Incoming Drop! Short

BITMEX:ETHUSD240

Description

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Ethereum (ETHUSD) is looking bearish now and a strong signal has been printed... Hit LIKE and let's get started!

Take a look at the highlighted candled (yellow) on the chart... This red/bearish candle is also high volume and signals that ETHUSD can easily move lower now.

We also have another bearish candle developing now with prices moving below EMA10.

When a pair moves below EMA10, we switch our potential from bullish to bearish.

Bitcoin (BTCUSD) and Ethereum (ETHUSD) tend to move together.

We've been bearish on Bitcoin since prices peaked and haven't been able to break the $10,500 resistance.

Now, ETHUSD is also looking like a drop.
The indicators are also turning bearish.

Conditions for change
If prices move and close above the last high (marked with a bold magenta dashed line), this whole bearish setup is invalidated and a new analysis is needed.

Click below to see a long-term chart for...


Thanks a lot for your continued support.

Namaste.

Comment

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Comment

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Looking good...
Trend AnalysisTechnical IndicatorsBeyond Technical AnalysisETHETHUSDEthereum (Cryptocurrency)alanmastersaltcoinscryptoCryptocurrencybitmexbinance
Comments
Harry_Seldon
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I agree that ETH is showing weakness, but I'm just curious : isn't a big wick down also showing buyer interest ?
AlanSantana
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@Harry_Seldon, Cleaning out the buy orders in order to drop it with strength on the next try.
Harry_Seldon
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@alanmasters, Eww, thanks.
Coddy_M
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I would say 210-220 if this half bullish period continues. However if BTC drops then 140-150 is also possible.
AlanSantana
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@Miletic.mario, Bitcoin and Ethereum move together, they basically have the same chart.

If ETH drops, BTC does as well and vice versa.

Namaste.
Jad-87
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Cryptos seems to be running on fumes now
AlanSantana
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@JadAl87, I agree... But when the big ones, BTC, ETH, ADA, etc., drop, it is likely that the smaller altcoins will continue to grow.

We will see how it goes.
Confucius-The-Great
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Eth as always looks like BTC master.

And moves as BTC.

Thanks for sharing.
TheCryptAlpha
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very good analysis
AlanSantana
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@TheCryptAlpha, Thanks.
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