ETH/USD gravestone plummets below SMAs, downtrend remains intact

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD forms gravestone doji pattern candlestick on intraday plotting at 570.03 levels, consequently, this bearish pattern evidences price slumps below 7SMAs, more slumps on cards upon bearish MACD & SMA crossovers (refer 4H chart).

As a result, Ether’s price tumbled recently as it failed to hold the $638.11 and $550.00 levels against the US dollar .

Most importantly, the bearish patterns have hampered the previous bullish sentiments.

On the flip side, the hammer pattern has occurred on daily plotting at $536.73 levels to counter the price slumps.

But we couldn’t foresee further gains above the $585-590 levels in ETH price against USD.

The downtrend has constantly slid below 7EMAs (on the daily chart ) which is on the verge of hitting 3-months lows, both leading & lagging indicators signal weakness on this timeframe.

Both leading oscillators ( RSI & stochastic curves) show downward convergence to signal strength and momentum in the bearish trend .

To substantiate this stance, MACD has also shown bearish crossover to indicate downtrend to prolong further,

Well, for now, further price dips are likely only on break-below strong support at 638.11 levels

Hence, contemplating above technical rationale, one can think of shorting etherium against the dollar by snapping deceptive rallies below 638 on trading terms.

Currency Strength Index: FxWirePro’s hourly USD spot index has shown -128 (which is highly bearish ) while articulating (at 09:56 GMT )
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