Hey Realistic Traders, let's dive into the technical analysis of 
ETHUSDT
In the H4 timeframe, the price stubbornly stays below the EMA100, reinforcing the strong bearish trend we've been watching. A rising wedge pattern had formed, but recently, the price took a dive, breaking out of that pattern with high trading volume—never a good sign for the bulls. Adding fuel to the fire, the MACD has made a bearish crossover, with the MACD line slipping below the signal line, signaling that the downward momentum is picking up steam.
With all these technical indicators lining up, we’re eyeing a potential continuation of this downward journey toward Target Area 1 at 2,252.90 or even Target Area 2 at 2,073.77. However, bulls might find some hope if the price manages to break above the resistance level at 2,855.96.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Ethereum.
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ETHUSDT In the H4 timeframe, the price stubbornly stays below the EMA100, reinforcing the strong bearish trend we've been watching. A rising wedge pattern had formed, but recently, the price took a dive, breaking out of that pattern with high trading volume—never a good sign for the bulls. Adding fuel to the fire, the MACD has made a bearish crossover, with the MACD line slipping below the signal line, signaling that the downward momentum is picking up steam.
With all these technical indicators lining up, we’re eyeing a potential continuation of this downward journey toward Target Area 1 at 2,252.90 or even Target Area 2 at 2,073.77. However, bulls might find some hope if the price manages to break above the resistance level at 2,855.96.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Ethereum.
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below.
Trade active
The historical support area has become new resistance are, which usually means a continuation of the downward movementNote
in the H4 timeframe, ETHUSDT is moving below EMA 90 Line :DNote
In the H1 Timeframe, it made another rising wedge, indication of strong bearish sentimentNote
It almost surpassed the resistance level but continued to move below the EMA line. Finally, it broke out of the latest rising wedge structure with an impulsive bearish candlestick, indicating a continuation of the bearish trend towards the target.Note
Possibility of the ETHUSDT will go lower much higher than before as the recent price action confirmed another breakdown of the symmetrical triangle pattern.Trade closed: target reached
Hit the first target, I still expect a continuation of downward movement as long as the price still moves below the EMA200 line.
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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.