Another rejection at 3200 caused enough momentum to push 
ETH below 3k critical support; look for a possible dip down to long-term trendline (solid purple), new patterns may need to be indicated. Current support is expected around 2800-2850. Watch out for daily convergence.
Although a bearish piercing was prevented off yesterday's D1 close, the candle ended up forming a hanging man reversal pattern off a slight double-top (better seen on H1).
This is typically due to a large sellout and lack of buy-pressure, however based on the length of the lower shadow versus body, this was a difficult call to make imo.
ETH below 3k critical support; look for a possible dip down to long-term trendline (solid purple), new patterns may need to be indicated. Current support is expected around 2800-2850. Watch out for daily convergence.Although a bearish piercing was prevented off yesterday's D1 close, the candle ended up forming a hanging man reversal pattern off a slight double-top (better seen on H1).
This is typically due to a large sellout and lack of buy-pressure, however based on the length of the lower shadow versus body, this was a difficult call to make imo.
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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.