Moon_Rocket_Capital

Why Ethereum will struggle to reach $170

BITFINEX:ETHUSD   Ethereum
PRICE ACTION
BIG reduction in ETH margin long positions!

24 hours ago, ETH longs were almost 2.4x an average day’s volume; and they are currently down 10%; most likely through stop loss activations through the push down to $155.

On the 4H chart; RSI is again coming up to test its resistance and the price action is currently looking for resistance around the $165 zone (which had previously been supportive). Volume remains missing on the bullish side; so, without any fresh capital...the likely outcome still favours the bears.

The 5m chart shows signs of price becoming overbought – at least in the short term – which comes right in line with the test of the old support line. Will this be enough catalyst for a breakdown?

Finally, the 28D MA is now up over the $155 and likely giving some bullish sentiment to short term traders. It will be interesting to see whether it’s enough to break back above $170.

OPEN INTERESTS (BITFINEX)
Long: 2.08 Days
Short: 0.39 Days

RELATIVE STRENGTHS
  • Micro (5m): Overbought
  • Short Term (4h): Descending Channel
  • Mid Term (1D): Lower Low
  • Macro (1W): Hidden Bearish

ON BALANCE VOLUME
  • Mid Term (1D): Weakening
  • Macro (1W): Lower

KEY PRICE AREAS
Resistance: 170, 190, 195
Support: 160, 155, 155 (28D MA)

PREVIOUS ANALYSIS

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