I will stay bearish on ETH until it breaks the descending channel on 4H with volume, infact ETH is still moving inside a descending channel , it needs to break first 1550 and than 1600 before changig my view ; i still favour shorting with tight stop , it is visible that ETH has broken the descending wedge and found resistance at the upper border of the descending channel on 1H, so it is still on a down move, volume has been good but not enough to break the upper boarder and now RSI is overbought on 1H so we can get a correction, BTC is as well on a descending wedge so it need to be checked if it will break up or down as well to get a real understanding on next move for ETH ; i really would like to sale another rejection of the upper channel or a break down of 1500 ,but i will wait and see what BTC is doing and another test of the upper channel resistance to start a trade, today ETH has showed some strengh.
Note
ETH is moving to the upper board of the 4H descending channel showing more strengh
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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.