ETHEREUM at the downtrend

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is at the log downtrend. Check out the stochastic RSI , like most coins it's maxed out, but ETHUSD is really flat at 100 and already formed quite a wide top - compare with the RSI at all time high. This is even more forced.

There's definitely upward pressure, but to go much more without a retrace is a big ask. We have the downtrend, the 50 MA and the 200 MA to deal with, not to mention the bearish Ichimoku cloud .

So the chart looks somewhat bearish to me, not least because of the death cross from Thursday, but there are no hard rules here. ETH can break out and move up despite the stoch RSI , but scroll through and check for yourself how wide the peaks are at the top. This is basically the widest it's ever been.

ETHBTC is right in the killzone. That means its caught between strong support (500 and 20 MAs) and strong resistance (50 and 200 MAs which are lining up for possible death cross coming week). This means that a decision has to be made soon: up or down. Judging by the RSI again, I say down.

Comment: ETHUSD regular RSI
Comment: ETH skyrocket. It has broken the key resistance level. I expect it to move towards 950 USD @ 1.618 fib level. Whether it pullsback there depends strongly on how bullish this gets.

expecting more downtrend in eth even btc recovers..
+1 Reply
@elshanti, Could be alts are having a half-way rally before finishing the rest of their cycle (if there is such a thing). I am expecting BTC to stay mostly above 9k until the end of the month now.
elshanti BarclayJames
@BarclayJames, according to 2013 july-october scenario after the dip and to your 2017 september november..most of the alts would go sideways and some would go lower while btc rallies toward 11.8k and beyond...however if btc coul not break 10K and the 200 MA and go back to test 6500$ alts would crash harder..
almost an adam eve double top with spike on April 3
BarclayJames Bobby_Petrino
@Bobby_Petrino, hope so ;)
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