Today’s Technical analysis will focus on distinctive levels on ETHUSD, currently holding its local trend line, a break will likely send it to lower support ($100 psychological level).
Points to consider, - Trend bearish - Local trend being tested - Confirmed bearish retest - RSI testing support - Stochastics in lower high projection - Clear decline in volume
ETHUSD’s immediate trend has been bearish with consecutive lower highs in projection; a break down will establish yet another lower high.
The local trend line is being tested; this is at range median between structural resistance and $100 Psychological support. A re-test of the psychological support will increase if this trend line does not hold.
ETHUSD has had a confirmed bearish retest with a wick, this signals strong sell pressure coming in. The RSI is currently testing support; a break of this level will be in synch with a break of the local trend line.
The Stochastics is currently trading in a lower high projection, still with stored momentum to the downside. ETHUSD also has clear declining volume; this signals an influx being probable, especially when testing key pivot levels.
Overall, in my opinion, if the local trend line breaks, ETHUSD is likely to re-test the $100 psychological level, if buy pressure fails to come in, then this gives us a short opportunity.
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