BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Quick TA on ETHUSD

After the breakout from its ascending channel in May, price action seems to have printed a bullflag. Some may be bullish on ETH breaking the big even of $300.

However, some observations to suggest otherwise for the short term:
- DI crossover imminent, to the bearish side
- MACD printed a clear bearish crossover, heading back for the signal line
- RSI divergence from the most recent highs (higher highs on price, but lower highs on the RSI )

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 bearish 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 ( MACD 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.
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