Hi friends! I hope you are all doing well. Taking a look at the four hour chart for Ethereum, we can see that it did fall below the 20 EMA (in blue.) If you recall from my previous post, I told you that if ETH falls below the 20 EMA, a deeper correction may be coming. As we can see, ETH has been all over the 20 EMA, and it's now creating a bear flag consolidation right on top of it. Additionally, we can see that there has been a bearish cross on the MACD, indicating an increase in sell-side momentum. Look for ETH to breakdown from the bear flag, and find initial support at the 50 EMA (in orange.) Given the broad weakness in the crypto markets, it is possible that ETH could fall further, if selling really starts to accelerate. Ethereum is an easy target too, because it's still relatively close to the all time high. Traders will want to take profits, and prevent losses, if crypto's continue to fall. Overall, this chart is still very bullish, as you can see by the strong uptrend channel. However, in the short-term price action, some weakness is beginning to develop. I will keep you posted as the charts unfold. This has been your trusty market expert, MPC! I'm out.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-