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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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.