ETH on its way to a reversal to the downside ?
Hi all,
Let's check ether
Surprisingly or not, it keeps moving up without significant corrections. What worries me here is the price movements and the candles that re getting shorter and shorter to a rising wedge formation, which can trigger a reversal to the downside (see on the main chart).
It is also clearly visible that bear pressure is significant and current volumes do not allow the uptrend to be continued to pass $250. I will be extremely careful with long positions here.
On 1-chart we see how price reacted immediately when $250 was reached - with a solid pullback. This happened three times already in June...
Trading volumes are also significantly lower now compared to two mid-May or end of May when the last major move upwards was initiated. The values registered then were all above $13 billion with $7-$8 billion in the recent days.
Cheers,
Let's check ether
Surprisingly or not, it keeps moving up without significant corrections. What worries me here is the price movements and the candles that re getting shorter and shorter to a rising wedge formation, which can trigger a reversal to the downside (see on the main chart).
It is also clearly visible that bear pressure is significant and current volumes do not allow the uptrend to be continued to pass $250. I will be extremely careful with long positions here.
On 1-chart we see how price reacted immediately when $250 was reached - with a solid pullback. This happened three times already in June...
Trading volumes are also significantly lower now compared to two mid-May or end of May when the last major move upwards was initiated. The values registered then were all above $13 billion with $7-$8 billion in the recent days.
Cheers,
Comment:
Ok, ETH going down as suggested next stop $240
Comment:
Rising wedge played perfectly. I closed my short at $230 as we might probably see a rebound here
Comment:
This one played beautifully. ETH rebounded and re-tested the horizontal resistance at $248, but was rejected once again. What I expect here is another leg up to close above $240.
