ETH Broke the Uptrend - What's Next for Ethereum?

Ethereum / TetherUS (BINANCE:ETHUSDT)

Updated

BINANCE:ETHUSDT Ethereum / TetherUS

trendanalysis chartpattern eth ethbtc ethusdt ethusd etheur ethgbp ethereum

What's up Ethereum fans?! Taking a look at the 4H ETHUSDT chart, you can see that the price broke the uptrend which is usually a sign of a bearish breakdown. The trend which was once support is now resistance and is currently rejecting the price. Not good. However, you can see from the original uptrend (dotted yellow) that ETH broke down from it, and moved on to make a new high. So there is a possibility that ETH continues to flag and move on upward. But be wary of the price. My line in the sand is $3100. I think if the price falls below that, the writing is on the wall for ETH and we're destined for sub $2900 prices. Have your stop losses ready so you can buy it back up on the cheap.

Comment:

I'm not giving up on the the bullish scenario just yet. The alts really held up against the dump, maintaining their bullish USD structure. If BTC can hold it together, we could see the alts jump.

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