We have been seeing a lot of crazy price action recently across the board on all crypto. I think we can revisit $100 for ETH after seeing a hidden bearish divergence as indicated with the red lines on the 4hr chart.
On the 1hr chart we can see how the price was constantly rejected by the 26-day MA but now it seems to be supported by it. It looks like it will be wedged between the red trend line and the 26-day MA. That paired with what we see on the 4hr gives me fairly strong confidence that we will see further downward movement.
On the 1hr chart we can see how the price was constantly rejected by the 26-day MA but now it seems to be supported by it. It looks like it will be wedged between the red trend line and the 26-day MA. That paired with what we see on the 4hr gives me fairly strong confidence that we will see further downward movement.
Comment:
Forgot to mention that the previous $120 support may now act as a resistance.