From the last "dip" Ethereum recovered well and got back into the positive trend channel. But soon it lost its dynamic. Instead of reaching the next peak (3) and to cross several resistances it rebounded and fell to the lower limit of the channel.
In only two days it left the channel, broke the support at fib retracement 50% (861$) - which is now the next resistance.
The 50%-fib retracement isn´t a strong indicator - but it is an indicator.
The movement up and down has been accompanied by a weak RSI - it didn´t reach the > 50 - 60 Zone.
Also MACD stayed in negative terrain, which underlies the lack of momentum.
So for the moment ETH shows very weak and it would not be surprising if it tests the lower limit of the long ascending triangle.
In the case ETH breaks through this support and furtheron the support at fib retracement 38.2% (729$) we could see a second sell-off aiming fib retracement 23.6% (566$).
Good signs would come back if ETH crossed the resistance at 939$ (swing trend line - orange).
In only two days it left the channel, broke the support at fib retracement 50% (861$) - which is now the next resistance.
The 50%-fib retracement isn´t a strong indicator - but it is an indicator.
The movement up and down has been accompanied by a weak RSI - it didn´t reach the > 50 - 60 Zone.
Also MACD stayed in negative terrain, which underlies the lack of momentum.
So for the moment ETH shows very weak and it would not be surprising if it tests the lower limit of the long ascending triangle.
In the case ETH breaks through this support and furtheron the support at fib retracement 38.2% (729$) we could see a second sell-off aiming fib retracement 23.6% (566$).
Good signs would come back if ETH crossed the resistance at 939$ (swing trend line - orange).