$ETH lost momentum & broke down from the rising wedge as shown on the chart, my ETH plan is shown with the green arrows & I fully expect to test the $800 region sooner rather than later, will be watching for RSI bullish divergences on 1HR/4H timeframes to re-enter ETH.
#Ethereum is loosing his strength. 4H TF indicates bearish divergence. MACD on the same TF also looks topped. Moreover, #ETH is at the mid channel right now, which is a great profit taking area and may act as a resistance. EW technical analysis, which is emitted in this chart, suggest that all five waves are in (which are part of the larger degree wave 3)....
The 4-hour chart shows that the bulls aggressively purchased the dip to the 20-EMA.
If the price turns down from the current levels or the overhead resistance, the bears will try to sink the pair below the 20-EMA. If that happens, the decline could extend to the critical support at $488
If the bulls can push the price above $562
the uptrend could resume with...
ETHUSDT is testing the 2020 ATH and ascending channel resistance.
RSI is printing a bearish divergence signal.
The market is printing a rising wedge pattern.
Sell entry ⬇️ - breakdown below the rising wedge support + previous swing low.
Target - mid channel, channel support.