#ETHUSD - Ethereum heading lower at least -20%
Hi All, my main 3 take-outs from this analysis are the following:
1- ETH broke a rising wedge (in red) whose target is around 2,800. Before reaching that target though the price will face a strong dynamic support given by the 200 MA as also by the 0.786 Fibo level at around 3,130
2- The price might also ideally try to break the supportive blue trendline of the bigger rising wedge and if it does, the drop might be pretty strong. I believe that the 100 MA might be broken easily..
3- Strong bearish divergence shown on the RSI vs prices. Higher highs of the price are not supported by higher highs of the RSI, which is making lower highs.
Not a financial advice, just personal opinion. Do your own due diligence and good luck!
1- ETH broke a rising wedge (in red) whose target is around 2,800. Before reaching that target though the price will face a strong dynamic support given by the 200 MA as also by the 0.786 Fibo level at around 3,130
2- The price might also ideally try to break the supportive blue trendline of the bigger rising wedge and if it does, the drop might be pretty strong. I believe that the 100 MA might be broken easily..
3- Strong bearish divergence shown on the RSI vs prices. Higher highs of the price are not supported by higher highs of the RSI, which is making lower highs.
Not a financial advice, just personal opinion. Do your own due diligence and good luck!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.