Ethereum Within A Descending Channel & Can Go Lower!
Updated
Ethereum (ETHUSD) is now trading within a descending channel, drawn blue on the chart.
ETHUSD can continue trading within this channel while going lower.
Conditions for change: For ETHUSD to break this small downtrend here a break above the blue channel is needed. You can also look for a strong close above EMA10 as a bullish signal. In the meantime, ETHUSD remains bearish.
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ETHUSD can continue trading within this channel while going lower.
- Support can be found at MA200 ($147) if ETHUSD continues to drop.
- If this level breaks the next support is 0.786 Fib. retracement sitting at $139 (marked with an orange line).
Conditions for change: For ETHUSD to break this small downtrend here a break above the blue channel is needed. You can also look for a strong close above EMA10 as a bullish signal. In the meantime, ETHUSD remains bearish.
Enjoyed this post? Feel free to hit like now...
Thanks a lot for reading, your support is truly appreciated.
This is Alan Masters.
Namaste.
Note
EMA10 Rejection on Binance (ETHUSDT): 4H Time Frame:
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