After the breakout from its in May, price action seems to have printed a bullflag. Some may be on ETH breaking the big even of $300.
However, some observations to suggest otherwise for the short term:
- crossover imminent, to the side
- printed a clear crossover, heading back for the signal line
- divergence from the most recent highs (higher highs on price, but lower highs on the )
If the price fails to bounce from the lower bound of the channel, failure at this point would likely find itself at the 50-62% fib level or about $180-$200. This is not to state that ETH is falling back into a downtrend, but more likely that a stronger correction is required. Note price is currently well above all three Moving Averages, indicating that an uptrend is still in motion ( is still printing higher highs and higher lows). Regardless, general sentiment is long, so unless you enjoy counter-trend trading, i wouldn't go too crazy on shorting this market.