ETH is struggling to maintain it's current price after dropping to support yesterday. We are now on support in this symmetrical triangle, however neither the indictors nor BTC seems to give us confidence we can push higher from here.
Therefore bias in the immediate term remains somewhat bearish. Check out my BTC idea as well linked below for more on that.
The reason the charts are bearish both on BTC and ETH is because:
1. Volume has been decreasing since December 2020 = bearish
2. We formed a large bearish divergence on RSI and MACD, especially on larger timeframes such as 1D, 2D, 3D = bearish
3. MACD is negative and falling...
A fall from this triangle will easily take us to our previous high around $1,400. If that won't hold us and we fall under $1,300, then ETH will be quite bearish and we will enter a longer correction/bearish market. This is because if that happens, we will set a lower low and that is not good (see exclamation point).
Until then, there is still hope, but I am concerned we're turning quite bearish on larger timeframes, so be careful about any longs in this current market, both ETH and BTC need to set a new high to bring back confidence and volume on the bull side.
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Therefore bias in the immediate term remains somewhat bearish. Check out my BTC idea as well linked below for more on that.
The reason the charts are bearish both on BTC and ETH is because:
1. Volume has been decreasing since December 2020 = bearish
2. We formed a large bearish divergence on RSI and MACD, especially on larger timeframes such as 1D, 2D, 3D = bearish
3. MACD is negative and falling...
A fall from this triangle will easily take us to our previous high around $1,400. If that won't hold us and we fall under $1,300, then ETH will be quite bearish and we will enter a longer correction/bearish market. This is because if that happens, we will set a lower low and that is not good (see exclamation point).
Until then, there is still hope, but I am concerned we're turning quite bearish on larger timeframes, so be careful about any longs in this current market, both ETH and BTC need to set a new high to bring back confidence and volume on the bull side.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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