As mentioned yesterday, Ethereum seems to be forming a H&S pattern as it continues to look very weak as the days go by. It is currently finding resistance at the 50%FIB level but support is not far away as the EMA is providing help for now.
MACD continues its downwards momentum while RSI heads back down towards the triangle support, which must hold or we could be in store for much lower prices!
It all comes down to the demand zone holding as it has done in the past in order for bulls to remain hopeful of a move back to $250-$260. A break and close below would turn this area into massive resistance and could possibly lead to the retest of the $180-$190 handles.
Thanks guys!
MACD continues its downwards momentum while RSI heads back down towards the triangle support, which must hold or we could be in store for much lower prices!
It all comes down to the demand zone holding as it has done in the past in order for bulls to remain hopeful of a move back to $250-$260. A break and close below would turn this area into massive resistance and could possibly lead to the retest of the $180-$190 handles.
Thanks guys!