After the optimism we could see between the 14th of August and the 1st of September, interval in which it moved sideways, the market came back to "normal" and it started to drop on the 3rd of September, drop which became more intense on the 5th.
What we could see so far is nothing else than a price which managed to stay inside of the trend channel which started in May and if the price will follow the same pattern it is possible to see another sideways movement for a short time period, followed by another aggressive drop anytime after.
The downtrend is also confirmed by the price which is located between the 20 days Moving Average and the lower band of Bollinger. Also, the MACD line crossed the Signal one on the 6th of September and it's still positioned below it.
On the other hand, the RSI is 24 and the Stochastic is also showing an "oversold" position with the lines being intersected below the level of 20, indicating a possible increase in price.
Overall, it seems that the market will start moving sideways again but it remains bearish and the next important level is in the area of 180$ as long as the support level and the lower band of Bollinger coincide.
What we could see so far is nothing else than a price which managed to stay inside of the trend channel which started in May and if the price will follow the same pattern it is possible to see another sideways movement for a short time period, followed by another aggressive drop anytime after.
The downtrend is also confirmed by the price which is located between the 20 days Moving Average and the lower band of Bollinger. Also, the MACD line crossed the Signal one on the 6th of September and it's still positioned below it.
On the other hand, the RSI is 24 and the Stochastic is also showing an "oversold" position with the lines being intersected below the level of 20, indicating a possible increase in price.
Overall, it seems that the market will start moving sideways again but it remains bearish and the next important level is in the area of 180$ as long as the support level and the lower band of Bollinger coincide.
Trade closed: target reached:
The support level has been broken!
Comment:
Ethereum is testing the trend line, is it the end of the bearish trend?
Happy Hunting!