Once again, the price action proved our prediction correct, and Ethereum fell below 1300 USD over the weekend. This bearish development confirms our narrative about the downtrend continuation. Simultaneously, fundamental and technical factors also support this thesis. Therefore, we have no reason to change our thoughts on ETHUSD and stick to our price targets of 1000 USD and 900 USD.
Illustration 1.01 The picture above shows the daily chart of ETHUSD. The breakout below the immediate support/resistance adds to the bearish sentiment. White horizontal lines indicate particular support and resistance levels.
Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.
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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.