Ethereum has not only left the long term descending trend (see pointed line) but also the triangle, formed by the two lines descending and ascending trends.
And it has done this movement in a quite narrow trend channel, not allowing much volatility.
As BTC as well ETH sits on a support and the next movement will be important for the further trend.
Will it go up and in this case break the channel to the top? In this case the trend will be finished and we´ve entered a new direction.
Or will break down, perhaps testing the lower limit of the trend channel. Do not forget that we´re not far away from prices around 300$ - a level which had been fought a long time ago - and it had been the beginning of the enormous rush to at the end 1.419$!
ETH stays below RSI in oversold terrain- therefore BTC is in a better situation. And ADX shows negative momentum (perhaps just turning?). As the indicators are already very negative we´ve got chances that we´ve seen the worse already and it´ll be better in the next few days.
I recommend to watch the price-reaction in the next hours. Whether the support halts and ETH regains strength or it falls to lower prices. But even in this case we´re not so far away from the bottom.
And it has done this movement in a quite narrow trend channel, not allowing much volatility.
As BTC as well ETH sits on a support and the next movement will be important for the further trend.
Will it go up and in this case break the channel to the top? In this case the trend will be finished and we´ve entered a new direction.
Or will break down, perhaps testing the lower limit of the trend channel. Do not forget that we´re not far away from prices around 300$ - a level which had been fought a long time ago - and it had been the beginning of the enormous rush to at the end 1.419$!
ETH stays below RSI in oversold terrain- therefore BTC is in a better situation. And ADX shows negative momentum (perhaps just turning?). As the indicators are already very negative we´ve got chances that we´ve seen the worse already and it´ll be better in the next few days.
I recommend to watch the price-reaction in the next hours. Whether the support halts and ETH regains strength or it falls to lower prices. But even in this case we´re not so far away from the bottom.
Trade closed manually:
ETH has entered a new trend channel! This time it´s ascending.
And ETH is above the 420$-level.
And ETH is above the 420$-level.