Ethereum - Bullish calls are false

We maintain a bearish outlook on Ethereum. Accordingly, we also maintain our price targets of 900 USD and 800 USD. We have no reason to change our bias due to persistence of bearish fundamental and technical factors, which we detailed in our previous posts on ETHUSD.

Illustration 1.01

The picture above shows the weekly chart of ETHUSD. Two moving averages, 20-week SMA and 50-week SMA, continue to confirm the medium-term/long-term bearish trend.

Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.

Illustration 1.02

The picture above shows simple support and resistance levels for ETHUSD.

Technical analysis - weekly time frame
The weekly time frame coincides with the daily time frame. RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Trade closed: stop reached:

Similarly like in the case of BTCUSD, we are forced to abandon our price targets due to the trend turning from bearish to neutral.