Ethereum (ETH) technical analysis:
Trade setup: Following a breakout of Channel Down pattern, price rallied to and got rejected at $1,700. Hence, price made another Lower High and Lower Low, signs of Downtrend. Wait for price to 1) break back above $1,500 and 200-day moving average to reverse the downtrend, or 2) pull back near $1,000 support for a swing entry.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $1,000. The nearest Resistance Zone is $1,250, which it broke, then $1,500, and $1,700.
Trade setup: Following a breakout of Channel Down pattern, price rallied to and got rejected at $1,700. Hence, price made another Lower High and Lower Low, signs of Downtrend. Wait for price to 1) break back above $1,500 and 200-day moving average to reverse the downtrend, or 2) pull back near $1,000 support for a swing entry.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $1,000. The nearest Resistance Zone is $1,250, which it broke, then $1,500, and $1,700.