bitdoctor
Short

ETH - Clear rejection and a further move down?

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

There's a lot of bulls out there saying that Ethereum is heading up but there's some more important indicators that you need to look at.

First, let's look at the 21EMA (in mustard). We found that as support multiple times and rallied off of it. That rally took us to almost the 61.8% retrace perfectly and now we're getting rejected.

We are now below the 21EMA and just retested it. Finding support currently at the 30SMA on the 4H chart but as soon as that breaks, I really believe we will probably be in a downward trajectory back to $162 at a minimum but more than likely heading to $158.

I do worry a bit about the 200SMA but we very well could go down below that.

Keeping an eye on this but if this candle closes below the 21EMA on the 4H timeframe, it looks like a good short opportunity to take advantage of some more downside for Ethereum .

Stop loss, of course, around $170.

Trade safely friends!
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- Breakout falling wedge on high volume
- Pullback to test and continue up

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