I'm mostly bearish but a false breakdown is still possible.
On the Bullish side ETH is currently above major resistance levels (4h and daily timeframes) when using Ichimoku (except the big cloud above but there are enough opportunities right now to go long until reaching it) But on the Bearish side we might be in a middle of a new Eliott Wave and the weekly chart shows a bear flag formed by the last three candles. N.B....
Bullish if ETH closes the day above 230$ (Kijun Sen on the daily timeframe) Reasons are: - ETH is above Kijun Sen on the 1h, 4h and daily time frame - Positive signs on the MACD (1h, 4h and Daily) - Positive signs on the Stoch RSI (1h, 4h and Daily) Neutral if ETH closes below 230$ Bearish if ETH closes below 220$ (Kijun Sen on 1h)
4h: Bearish divergence 1h: Bearish divergence + Cross on MACD
Kijun Sen gaily, 4h and hourly broken
Kijun sen daily, 4h, hourly broken
ETH is now below Kijun Sen on the 1h, 4h and daily timeframe. If ETH breaks below 220$ with increasing volumes I will maintain my short position opened when ETH broke Kijun Sen on the 4h timeframe.
To move higher Ethereum must break Kijun Sen (red line) which is a tough resistance. If it does we may see a nice rally. Otherwise there will be blood.
On the bullish side ETH found support on Kijun Sen (thin red line) on the daily timeframe ... but ETH also found a resistance at the .681 Fionacchi retracement level from the last dump. I have no open position on ETH right now. I'm just looking at the price and wait better conditions before taking action.
I'm neither bullish nor bearish right now but to go higher (>6770$): (a) BTC must break the Kijun Sen (red line) (b) Chikou Span (green line) must break its kijun It will probably be a hard resistance. If BTC does kreak this level the next target is 6920$ which is a .618 Fib retracement from the latest rally.
In order to invalidate the bearish scenario, ETH must move higher than Kijun Sen (red line) at 235$.
Bearish signals: Bearish RSI divergence Decreasing volumes ETHUSD will most probably go down soon.
Interesting bullish divergence. To be confirmed by a closed day above 235$ which is the current level of Kijun Sen on the daily timeframe
I'm neither bullish nor bearish yet but LTC is forming a nice bullish divergence.
New entry point (short) Target: 183.5$