TradablePatterns
Short

Ethereum (ETH/USD) Weekly MACD Trying to Negatively Cross

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Ethereum             (ETH/USD) is looking bearish as its weekly MACD is positioned to negatively cross in the next week or so. ETH/USD has been significantly weaker than BTC/USD on the recent bubble pop, having already given up more than 50% of the rally from the start of the year to the June peak. ETH/USD's next major support will come at the 61.8% Fib retrace of the same rally at roughly 167, down from the current 184. The flash crash on Jun 21 was no technical glitch, and occurred as a result of a thin order book (relative to a large order) on even one of the larger ETH/USD exchanges. Other large longs are undoubtedly trimming longs hoping to avoid a similar fate. Interestingly, flash crashes tend to expose a market's underlying fragility, with markets often eventually reverting to such initially shocking levels. Fortunately for those still long ETH/USD, it should ease in selling pressure in the next week or so (at least for the short-term) as the daily RSI , Stochastics and MACD (not shown on this weekly chart) are beginning to reach oversold levels. Further out, the weekly MACD negative crossover attempt is generally ominous for longs. Besides watching out for ETH/USD finding support at the 61.8% Fib (~167), keep an eye for BTC/USD hitting its 50% Fib retrace of its steep rally from late March.

https://tradablepatterns.com: Daily analysis on 3 markets ( Futures , Spot FX, Cryptocurrencies) exhibiting potential trend reversals or strong momentum
Comment: Apologies as I attached the incorrect daily chart. I referenced the following weekly chart for the the above analysis: https://www.tradingview.com/chart/G9SCjz6U/
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