Ethereum Analysis
* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
After a sharp decline, Ethereum has broken down both the 20-day EMA and the 50-day SMA, this is a bearish sign. However, it found support from the trend line 1. If this trend is broken the decline may extend to $464 level, it's 78.6 percent Fibonacci retracement.
On the way up, Ethereum will face resistance from the 50-day SMA and then from the 20-day EMA. We anticipate selling pressure on the area between these moving averages. So, you can trade Ethereum by buying on trendline and selling on moving averages.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.
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