ETH has been making rising wedge on 1Day and 4Hour chart which is something of a concerning thing for me for time being. Although the price is trying hard to stay above for time being, but if you look at the bigger picture, it would not be an unexpected thing if we witness a correction now after such a big upward move.
ETH tried to invalidate this rising wedge a couple days ago, but failed. I also witnessed a big selloff on Ethereum when it was at top, probably from some institutional investors. As shown in the 1 min chart below. (The volume was quiet high even though its 1 min chart)
ETH longs on Bittrex have drastically decreased as shown. Last time it happened on 8th Jan and ETH fell ~15% in next 1-2 days.
Plus this rising wedge is something which is making me stay neutral on ETH for time being.
Conclusion:
ETH can retrace till 3760 - 3500$, so its better to stay out of it for time being unless it invalidated this rising wedge.
ETH tried to invalidate this rising wedge a couple days ago, but failed. I also witnessed a big selloff on Ethereum when it was at top, probably from some institutional investors. As shown in the 1 min chart below. (The volume was quiet high even though its 1 min chart)
ETH longs on Bittrex have drastically decreased as shown. Last time it happened on 8th Jan and ETH fell ~15% in next 1-2 days.
Plus this rising wedge is something which is making me stay neutral on ETH for time being.
Conclusion:
ETH can retrace till 3760 - 3500$, so its better to stay out of it for time being unless it invalidated this rising wedge.
Note
ETH bounced a little earlier than the targets because of BTC bounce and strong upward trend in its BTC pair. Trade was closed manually in good profit upon bounce.
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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.