Similarly, like in the case of Bitcoin, we also remain bearish on Ethereum. Indeed, we still maintain our price target of 1000 USD per coin. Our views are based on technical and fundamental factors detailed below and in the previous articles.
Illustration 1.01
Illustration 1.01 shows the updated setup for ETHUSD with the bearish trigger below the immediate support.
Technical analysis - daily time frame
RSI left the overbought territory, which is bearish. MACD is flattening. Stochastic is bearish. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bearish.
Illustration 1.02
Volume continues to decline, which is bearish.
Technical analysis - weekly time frame
RSI is neutral. MACD and Stochastic are bullish. DM+ and DM- are bearish. Overall, the weekly time frame is slightly bullish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
Technical analysis - daily time frame
RSI left the overbought territory, which is bearish. MACD is flattening. Stochastic is bearish. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bearish.
Illustration 1.02
Technical analysis - weekly time frame
RSI is neutral. MACD and Stochastic are bullish. DM+ and DM- are bearish. Overall, the weekly time frame is slightly bullish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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Our thoughts were updated in the following post:
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