DataMoney

When will ETH drop under $1600?

Short
BINANCE:ETHUSDT   Ethereum / TetherUS
Today's post is short and sweet, I hope you will enjoy it! πŸ“°
Wednesday is here and it seems that ETH is about to complete H&S pattern. The market indicates some level of excitement, however, at this point, there is no clear data on which way the market will turn. All-day yesterday the market was really pushing for a breakthrough upwards and have been rejected at least a dozen of times around ETH $1715 mark. There was an attempt to break below $1650 and it bounced right off it.

At a Macro level, market is πŸ’―% declining in line with the H&S pattern that we have been discussing recently. At a Micro level, the situation is a lot less appealing. Strong signs of the market slowing down, volumes and volatility dropping. 1% uncertain profit or loss is turning traders away into seeking other, more exciting opportunities.

Today's technicals:
Position Short-ish (as you may have noticed, for over a week the market is ~50/50 with no significant wins/losses, low volatility with a slow decline at a Micro level)
Forecasted high at $1720, $1760
Mid-way point at $1760 (meaning that ETH although discounted, keeps dropping)
Forecasted lows at $1650, $1630 and $1600

Have fun trading or taking a day-off! 😎

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Comments

Thanks for the valuable insights
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