Signs Ethereum is falling from orbit:
- Currently sitting below the EMA 200 line (purple).
- Falling below and out of the MA 20, Std.Dev. 1, Bollinger Bands (which if you look at earlier dates, does not bode well).
- Has a history of dips right before partial moons.
- Closes between full and new moons with substantial variation in price; I expect it'll close lower than it's high during the current phase (which is a rather low high between March 1st to 17th).
- Already below cyan secondary peak trendline and had been hugging it very hard like a boa constrictor until moving further below.
I expect that if Ethereum closes below the purple horizontal trend line that I've indicated, it will continue to fall further into the yellow trendline zone (see orange-red downwards arrow) as there is less support in those price levels. This I would expect to cause another wave of decrease from there into orange and red lined zones (which have even less support). The influence of Bitcoin can obviously not be understated, as any sudden increase or decrease with it can moon or melt things quite quick with the other cryptos, including Ethereum.
- Currently sitting below the EMA 200 line (purple).
- Falling below and out of the MA 20, Std.Dev. 1, Bollinger Bands (which if you look at earlier dates, does not bode well).
- Has a history of dips right before partial moons.
- Closes between full and new moons with substantial variation in price; I expect it'll close lower than it's high during the current phase (which is a rather low high between March 1st to 17th).
- Already below cyan secondary peak trendline and had been hugging it very hard like a boa constrictor until moving further below.
I expect that if Ethereum closes below the purple horizontal trend line that I've indicated, it will continue to fall further into the yellow trendline zone (see orange-red downwards arrow) as there is less support in those price levels. This I would expect to cause another wave of decrease from there into orange and red lined zones (which have even less support). The influence of Bitcoin can obviously not be understated, as any sudden increase or decrease with it can moon or melt things quite quick with the other cryptos, including Ethereum.
Comment:
After breaking the purple horizontal trendline, Ethereum has continued to go lower as expected. It's still following the red-orange arrow down at the present and Bitcoin's price has also dropped sharply today (dragging everything else along with it). I believe there will be a bounce after a certain point, although for now I am waiting to see what happens when it reaches the yellow trendline.
Comment:
The arrow continues to be an accurate prediction of the downward trend. I believe some resistance and bouncing will play out possibly again between the $670 and $700 ranges. There is not much support there however and the expectation is that between the yellow and orange downwards trendlines, the drop will be very quick and a dip below the orange will require an updated chart to start marking the red downward trendline zones of importance.
Comment:
The yellow indicator line has been hit. If the support around $650 breaks, that's about it and further down we go (and it is very much looking that way). The red-orange arrow has been quite accurate. Question is, where do we most likely go to from here? I expect the lows of Feb. 5-6th will be re-tested and a drop into lower territory will begin from there.