Ethereum has created additional weaknesses in the past 2 months leaving the 'weekly' PSAR-series unbroken, while dropping below important support levels.
– ADX clearly shows assets leaving the stock
– RSI trajectory is very weak throughout major intervals
– MACD has re-entered negative territory
– The stock is consistently creating lower highs and lower lows
Stocks that 'come back' from a major surge can usually be put in a formation that excludes the surge itself. The problem here is that the stock is now below the pre-surge peaks (zoom out to reveal), which hints to a formation 'fail' further down the road.
Depending on a few factors this and next week could decide on ETH's fate. "Worst case scenario" would translate to a great shorting opportunity non-stop to low 80's.
(lines and connections have been averaged on step-line over linear for higher precision)
– ADX clearly shows assets leaving the stock
– RSI trajectory is very weak throughout major intervals
– MACD has re-entered negative territory
– The stock is consistently creating lower highs and lower lows
Stocks that 'come back' from a major surge can usually be put in a formation that excludes the surge itself. The problem here is that the stock is now below the pre-surge peaks (zoom out to reveal), which hints to a formation 'fail' further down the road.
Depending on a few factors this and next week could decide on ETH's fate. "Worst case scenario" would translate to a great shorting opportunity non-stop to low 80's.
(lines and connections have been averaged on step-line over linear for higher precision)