COINBASE:ETHUSD   Ethereum / U.S. Dollar
ETH has consolidated much more significantly than BTC , losing 4 hour EMA 12 support.
The pattern drawn here is a potential bearish reversal Head and Shoulders to be keeping an eye on today.
We will likely need to see BTC break the low of current consolidation to see these supports break and the uptrend lost on the 4 hour.
I am personally staying away from ETH for now as there was the negative article highlighted in the video and the correlation to BTC clearly favors bears the last 2 days.
Always check in on the comparison charts ETHBTC if it is not clear visually to you just looking at the charts.
Until some coins start forming some up trends in their BTC pairings, I personally will stick to BTC .
If I could play it bearish on Coinbase I would short ETH on any BTC weakness.


Hi there, nice analysis. I think the key word in your analysis is potential. Aaccording to my analysis ETH is actually looking quite bullish for the near term. Although there are indeed some less positive signals on the chart right now, it really is too early to say it has weakened already. At least that's my opinion.
There isn't really any volume confirmation on the left shoulder. I would be skeptical on this one, but its always hard to tell and it may play out one ETHBTC and not on ETHUSD. So we will have to see what happens. Thanks as always for your hard work and information @TheChartGuys
TheChartGuys bdfulker2
@bdfulker2, Yup, I dont think it would get much follow through due to BTC strength even if it does. Just highlighting what I am watching.
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