ETH started the market correction after failing to pass ATH. With it, BTC broke the pennant down and all market corrected today (except for a few selected altcoins, see KNC/CRV). See my other idea of BTC below.
So where are we now? ETH is finding some support close to Fib 78%. We are likely to test this level and if we push higher, we have a resistance close by at $1,250. We need to pass this resistance if we are to go higher, if not, down we go. ETH still has good support at $1,000 and if that holds the general up-trend is still intact on larger timeframes.
Daily indicators turned bearish today, not good, but on 4h we see some sighs of relief, if only temporary. MACD on 4h is still bearish, same goes on 1D. We need more time for us to have a sustained up-trend and price may need to visit the lower support areas mentioned above before we can go up again.
Short term I am bearish. Lets see tomorrow where ETH takes us.
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So where are we now? ETH is finding some support close to Fib 78%. We are likely to test this level and if we push higher, we have a resistance close by at $1,250. We need to pass this resistance if we are to go higher, if not, down we go. ETH still has good support at $1,000 and if that holds the general up-trend is still intact on larger timeframes.
Daily indicators turned bearish today, not good, but on 4h we see some sighs of relief, if only temporary. MACD on 4h is still bearish, same goes on 1D. We need more time for us to have a sustained up-trend and price may need to visit the lower support areas mentioned above before we can go up again.
Short term I am bearish. Lets see tomorrow where ETH takes us.
Like and follow if you liked this idea!
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