Looking at the ETH chart on the 4h, we can see it fell below all 3 EMAs (50, 100, 200 EMAs) which is definitely a bearish sign.
The RSI is curving sharply downwards along with the MACD. It's bottomed out on lower timeframes but still has more room to decline on the 4h. With that said, we are at micro support at 1200 so we may find some relief here temporarily. If we fall below the 1200 support, there's a high likelihood 1150 is next. It's not looking good for ETH until we can break and close above the 1240 level (all 3 EMAs). Until then, I would looking to place a long here with a tight stop at 1185 or a long at 1150, or a short at 1300. Do not trade the middle ranges.
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The RSI is curving sharply downwards along with the MACD. It's bottomed out on lower timeframes but still has more room to decline on the 4h. With that said, we are at micro support at 1200 so we may find some relief here temporarily. If we fall below the 1200 support, there's a high likelihood 1150 is next. It's not looking good for ETH until we can break and close above the 1240 level (all 3 EMAs). Until then, I would looking to place a long here with a tight stop at 1185 or a long at 1150, or a short at 1300. Do not trade the middle ranges.
If enjoyed my TA or have any questions about getting access to my indicators, please send a boost my way, PM me, or comment below :)
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