Ethereum - ETHUSDT to move lower in tandem with other tokens
Updated
In our previous post on Ethereum, we noted that the most prominent foes to ETH were the prospect of higher interest rates in the U.S. and capital rotation into gold from cryptocurrencies. We also noted that we were inclined towards the downside for ETHUSDT; nowadays, we continue to maintain this notion. Because of that, we would like to set a new price target for ETHUSDT to 2500 USD.
Illustration 1.01
Moving averages confirm a bearish consensus for Ethereum.
Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish too. ADX increases, which suggests that the bearish trend is gaining momentum. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- performed bearish crossover recently and continue to point towards more weakness. ADX contains a relatively low value. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
Moving averages confirm a bearish consensus for Ethereum.
Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish too. ADX increases, which suggests that the bearish trend is gaining momentum. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- performed bearish crossover recently and continue to point towards more weakness. ADX contains a relatively low value. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade closed: target reached
Our price target of 2500 USD was reached.
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