ETH, looks like a drop towards 530 before going up again

Updated

ETH seems to have made a bearish wedge, volume is slightly dropping during this rally and bulls are getting more resistance around the 570/590. Just like Bitcoin, looks like it will make a drop first before going up again. Don't think the low will be tested though but probably bulls will catch it around the 530

Previous analysis

ETH big H&S preparing for another big drop

Note

Support is about to break, but still above it

Note

Nothing has changed actually. Crypto tend to do it more often, extend the wedge to it's maximum. Made an educational post about this once. The support broke yesterday, but only slightly and got back up again. From the smaller alts, with that i mean anything expect ETH,XRP and BCH, they all tend to even break above the wedge. But i don't expect that from ETH though

Note

You probably read my big Bitcoin Update, talking about ETH as well. It was looking very VERY good yesterday, dropping below the 570 and staying there for a while so actually confirming the weakness. But i think the rest of the market dragged ETH up again. There is one positive note, volume did not really confirm the downwards break out AND we can see a small increase of volume with this move up. The wedge is still showing resistance but a move above 610/620 would be a victory for ETH.

botje11

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.