Ethereum is still coupled with bitcoin so if the latter takes off then expect Ethereum to try its best to tag along. However, ETH is far more oversold than BTC which is why we should all be concerned that its bounce today was so weak compared to Bitcoin when in the past it was the reliable option to trade for large moves while using BTC price trends and indicators for trade setups. Something seems different now, even though ETH is far more oversold. Nonetheless, ETH formed a lower high while BTC formed a higher high tonight and BTC is due for a correction which ETH will have no problem following. ETH seems caught in a slightly downward trending channel (possible weak descending wedge pattern) while consolidating, volume has been decreasing as well indicative of us still consolidating. ETH also has yet to form a higher low, an important signal preceding a reversal. One our way down, we may find support around the recent bottoms around $375, $364, and $358.
If this is a five move consolidation, then expect us to extend to at most $395 at the top of the channel before retracing, or being rejected from this blue dotted trendline very soon and continuing down to one of the mentioned supports.The first upward move in this consolidation formed an ascending wedge that broke bearish. Expect this current leg up to end the same way.
I would not touch ETH until it breaks clear of the channel or bottoms below $360 for an aggressive move with a tight stop loss. No rush to get in here seeing as how it performed next to BTC, a surprising twist. BTC will have a leg down sooner soon too and will drag ETH with it. See my most recent post on bitcoin for more.
Peace and love,
crypt0guy
If this is a five move consolidation, then expect us to extend to at most $395 at the top of the channel before retracing, or being rejected from this blue dotted trendline very soon and continuing down to one of the mentioned supports.The first upward move in this consolidation formed an ascending wedge that broke bearish. Expect this current leg up to end the same way.
I would not touch ETH until it breaks clear of the channel or bottoms below $360 for an aggressive move with a tight stop loss. No rush to get in here seeing as how it performed next to BTC, a surprising twist. BTC will have a leg down sooner soon too and will drag ETH with it. See my most recent post on bitcoin for more.
Peace and love,
crypt0guy
