As can be seen from this chart BITMEX:ETHUSD just bounced off the lower resistance of the descending parallel channel.
Prior to this it bounced off of the upper support of this channel and was not able to return to 100 EMA, which is signalling weakness.
Therefore I remain bearish for BITMEX:ETHUSD and will have a very close eye on the upcoming long term support at 165.60.
If this support breaks and price remains below for a 2-3 candles, expect an acceleration of the bearish market.
Disclaimer:
Treat this as my view of the markets. I may be correct or I may be dead wrong.
Do not trade solely on this information. I'll guarantee you you will lose money in that case.
Comment:
Although the channel didn't hold, I'm still bearish, as the whole crypto market is weak atm.