Structure/Trend - Ethereum (ETH) has suffered the most losses among the top 10 coins by market cap, down almost 11 percent over the 24 hour period, dipping below the $200 price point within an hour. The top altcoin still trading at $197 as of press time, losing its weekly gains, down around 0.6 percent over the past 7 days. Downtrend still looming.
Hypothesis - From the daily chart it's perceived that the price has tested it's overall support level from last year around $184, with a repeating head and shoulder pattern in view. On the 2H chart a falling wedge is still in place but a possible occurrence of a bullish divergence on the 4H chart caught my attention having tested the 20-level on the MFI indicator which could lead to some possibe buy rise amidst all the negativity around the crypto world because current price could be seen as a real low for potential investors. Resistance levels could be perceived around 50EMA, which could dictate T/Ps
Targets, Stops & Exits
Entry: $190
S/L: $177
T/P: $224
Hypothesis - From the daily chart it's perceived that the price has tested it's overall support level from last year around $184, with a repeating head and shoulder pattern in view. On the 2H chart a falling wedge is still in place but a possible occurrence of a bullish divergence on the 4H chart caught my attention having tested the 20-level on the MFI indicator which could lead to some possibe buy rise amidst all the negativity around the crypto world because current price could be seen as a real low for potential investors. Resistance levels could be perceived around 50EMA, which could dictate T/Ps
Targets, Stops & Exits
Entry: $190
S/L: $177
T/P: $224