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Ethereum Showing Bearish Signals, Will It Drop?

BITMEX:ETHUSD   ETHUSD Perpetual Futures Contract
Right now ETHUSD ( Ethereum ) is trading above EMA10, which we consider bullish but...

Recently, ETHUSD printed a higher low with trading volume starting to decrease.

We can notice bearish divergence with the MACD and a bearish cross. The RSI is trending lower.

We know that each time any important resistance level is conquered, it is later tested as support. ETHUSD conquered resistance levels in the form of MA200 and EMA300 recently, and these on the way down can be tested as support.

Conditions for change
If ETHUSD gains momentum up and breaks above $289, prices can go higher... Higher targets are marked on the chart. This is the less probable scenario right now, multiple signals are pointing to a retrace.

This is not financial advice.
Remember to always have a plan and do your own research before you trade.

Thanks a lot for reading.
This is Alan Masters.

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Related Ideas

Comments

Looks like a bull-flag to me.
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alanmasters tradingzebras
@tradingzebras, Check again...
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we got ascending triangle
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