Hello everyone!
Keeping this Ethereum analysis short and simple.
The price has been grinding higher on decreasing volume, and the daily RSI is showing bearish divergence.
The red line is the 200 EMA which we rejected hard off of twice, and since then have made multiple lower highs. I believe the dotted line in the center must hold for us to continue higher.
Given these conditions, I am currently short ETH with the targets of $147 and $135ish in the near term. I am short from $167.
A break with volume above $174 would make me bullish and I would consider entering a position if we have a bullish retest of the red line for continuation.
Until then, I see ETH (and BTC) retracing a decent amount. Overall, this is healthy price action and there is no need for alarm.
What are your thoughts and ideas?
Share them with me below!
Keeping this Ethereum analysis short and simple.
The price has been grinding higher on decreasing volume, and the daily RSI is showing bearish divergence.
The red line is the 200 EMA which we rejected hard off of twice, and since then have made multiple lower highs. I believe the dotted line in the center must hold for us to continue higher.
Given these conditions, I am currently short ETH with the targets of $147 and $135ish in the near term. I am short from $167.
A break with volume above $174 would make me bullish and I would consider entering a position if we have a bullish retest of the red line for continuation.
Until then, I see ETH (and BTC) retracing a decent amount. Overall, this is healthy price action and there is no need for alarm.
What are your thoughts and ideas?
Share them with me below!