Hello friends, today you can review the technical analysis on the 1D linear scale chart for Ethereum ( ETHUSD ), an altcoin cryptocurrency.
#CryptoPickk noted in the chart:
1) The Ethereum price has been forming a multi-month rising wedge pattern noted in the yellow trendlines. 2) Within the pattern, the price is currently within a rising channel pattern noted in the red trendlines. 3) There is multi-month Bearish Divergence as noted by the higher high price and lower high RSI and Stoch RSI (oscillators). 4) The price has potential for a further drop from current price with a potential retest of the 100 MA (orange line). 5) The 100 MA is in the same range of the top of the Ichimoku Cloud, which is potentially going to support the price. 6) Looking at the Fibonacci Retracement, the price has potential to re-test the golden pocket (0.65-0.618 levels). 7) If price comes down to this level, it has a chance to correct a further 10% to $3,650-$3,750 price range. 8) The RSI ( relative strength index ) is not oversold yet. It has a chance to go further down. 9) The Volume is consistent but not a major spike yet. If there is more sell pressure, we may see a major red candle on the Volume. 10) The Volume Profile (VPVR) shows further support right below the area noted above at around $3,500-$3,550 range. 11) If the price has a free fall downwards, expect the price to re-test the bottom trendline which means we could get below $3,000 on the yellow bottom trendline. Consider stop sells at this time.
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk