Ethereumshort
ETH looks dumpy afThere are many new copies of ETH coming out with cheap access to the EVM, price of ETH will plummet
ETHEUR bearish symmetric triangle and flat bottom triangleBad news for those of us who were expecting an immediate rebound. A symmetric triangle (blue triangle) has forming since February 23rd, with base around 1253 EUR and top at 1423 EUR. It's final confirmation would be when rebounding at 1309 - 1314 EUR. Depending on the way you consider its height, the expected drop would be around 1145 EUR.
In addition, a flat bottom triangle that has been forming since February 24th would strengthen the idea of a bearish trend. Projecting its height, we're locating prices at the same level as the symmetric triangle.
Let us also remember that the previous minimum, located at 1115 EUR, is the result of a previously identified ascending wedge, whose height is also projected on this chart, though pushing prices down to 1105 and 1069 EUR respectively.
ETHEUR ascending wedgeAfter a discrete recovery from it's recent correction, ETHEUR formed and confirmed a rising wedge with a tip on 1328 EUR and a confirmation rebound on 1300 EUR. Depending the height of the wedge you'd consider, the drop would reach 1200 to 1140 EUR. It would be reasonable to set a stop loss on 1365 EUR if the figure is wrong!
ETHEREUM FALLING SOON hello traders ,
Welcome to my price forecast Ethereum/usd.
Ethereum is moving inside upward channel.
there are basically three types of channel directions,
one is upward slopping channel which 80 - 90 % of the time break downside
second is downward slopping channel which 80 - 90 % of the times break upside .
third one is side ways which means market unable to decide the direction and
we can trade inside channel with the help of price action.
now what is price action ?
price action is vast topic but it include candlesticks, support resistance, moving average etc
so here we see in Ethereum price is in upward channel and hopefully it will break downside .
our target is at support level for now .
and we also see bearish divergence which confirms its upcoming fall.
safe entry is after blue line break.
Thanks for watching my idea , have a green day ..
ETHEREUM Breaks Down To Test Previous Levels? $1440 Target Supp!Hi Everyone,
As many of you would be aware I'm pretty bullish on Ethereum and Bitcoin for the later half of 2021 but with the recent week of incredible gains comes the inevitable profit taking selloff. Lets take a look at this $1,440 level for instance. This level was previously triple resistance and should now act as support when intersecting with the 20 moving average on the daily.
Good Luck this week,
Tom
PS. If you are interested in finding out more about our courses check them out at www.fxevolution.com
Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/01/24Live trades will be called in the latest daily post. Follow me to trade live with me!
Also check out my daily post on Bitcoin!
MARKET OVERVIEW
Price Action: ETH consolidated at the 200MAs, and has broken out from that range and is rallying hard.
Chart Patterns: No patterns.
Areas of Interest: The area(s) of interest for us are the highs @ $1438 and the 200MAs @ $1235-1255.. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
TRADES(S) RECAP: LATEST 3 TRADES
2021/01/11: We had losing trade! We entered a long @ $1024.8, with Stop Loss @ $971, which was hit.
2021/01/10: We had winning trade! We entered a long @ $1283, with Stop Loss @ $1247, and price reached a high of $1325, giving a risk reward ratio of 1:1, meaning if you risked 1BTC on this trade, you could've made 1BTC.
2021/ 01 /07: We had two winning trades! We entered a short @ $1213, with Stop Loss @ $1224, and price reached a low of $1159, giving a risk reward ratio of almost 5:1, meaning if you risked 1BTC on this trade, you could've made almost 5BTC. After our short trade, we had a trade of a new experimental trendline strategy. We entered a long @ $1194, with Stop Loss @ $1173, and price reached a low of $1289, giving a risk reward ratio of almost 4.5:1, meaning if you risked 1BTC on this trade, you could've made almost 4.5BTC.
TRADE SETUPS
Below are the potential trade setups that I would be interested in trading. Regardless of the path that the price takes, I will be monitoring the market for a valid trade entry signal.
Long Trade Setup #1: Retest and Continuation (200MAs)
To open a long position, we are waiting for price to retrace back down to test the 200MAs and then continue moving up.
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $1235-1255 by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming
Short Trade Setup #1: False Breakout
To open a short position, we are waiting for price to break above the horizontal resistance and then fall back down.
1. Price Action: Price breaks above and then falls below the high @ $1438, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out
Why Follow Me
Daily analysis on the latest market movements and price zones for high probability trade setups.
Live trade signals so that you can take the same trades that I am taking.
A great place to help each other, learn from each other, and grow together.
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About Me
I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
I have worked on Wall Street trading bonds, stocks, and options.
I have worked at top consulting firms advising Fortune 500 companies and worked on $10Billion+ deals.
I have founded and advised blockchain projects and companies, including in the areas of defi, nft, data ownership, and personal identity.
I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.
Please support me by liking, sharing, commenting, and following, and sharing your ideas and analysis below! Thanks!
Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/01/17Live trades will be called in the latest daily post. Follow me to trade live with me!
Also check out my daily post on Bitcoin!
MARKET OVERVIEW
Price Action: ETH rallied to a high of $1298 and has just now broken down below the 200MAs. Price needs to reclaim 200MAs in order to continue bullish momentum.
Chart Patterns: No Patterns
Areas of Interest: The area(s) of interest for us are the 61.8Fib @ $1157 and the highs at $1298. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
TRADES(S) RECAP: LATEST 3 TRADES
2021/01/11: We had losing trade! We entered a long @ $1024.8, with Stop Loss @ $971, which was hit.
2021/01/10: We had winning trade! We entered a long @ $1283, with Stop Loss @ $1247, and price reached a high of $1325, giving a risk reward ratio of 1:1, meaning if you risked 1BTC on this trade, you could've made 1BTC.
2021/ 01 /07: We had two winning trades! We entered a short @ $1213, with Stop Loss @ $1224, and price reached a low of $1159, giving a risk reward ratio of almost 5:1, meaning if you risked 1BTC on this trade, you could've made almost 5BTC. After our short trade, we had a trade of a new experimental trendline strategy. We entered a long @ $1194, with Stop Loss @ $1173, and price reached a low of $1289, giving a risk reward ratio of almost 4.5:1, meaning if you risked 1BTC on this trade, you could've made almost 4.5BTC.
TRADE SETUPS
Below are the potential trade setups that I would be interested in trading. Regardless of the path that the price takes, I will be monitoring the market for a valid trade entry signal.
Long Trade Setup #1: Retest and Continuation (61.8Fib)
To open a long position, we are waiting for price to retrace down to test the 61.8Fib and then continue moving up.
Trade Entry Confirmation:
1. Price Action: Price needs to move back down to the 61.8Fib @ $1157 and bounce back up.
2. Candlestick Pattern: A bullish candlestick pattern
3. Volume: Above average volume on entry candle
4. MACD: MACD histogram bottoming out
Long Trade Setup #2: Breakout and Continuation
To open a long position, we are waiting for price to create a new high, move back down to test previous resistance as support and then bounce back up.
Trade Entry Confirmation:
1. Price Action: Price breaks above and falls back down below $1298 and bounce back up.
2. Candlestick Pattern: A bullish candlestick pattern
3. Volume: Above average volume signal candle
4. MACD: MACD bottoming out
Short Trade Setup #1: False Breakout
To open a short position, we are waiting for price to break above the horizontal resistance and then fall back down.
Trade Entry Confirmation:
1. Price Action: Price breaks above and then falls below the high of $1298, forming a bull trap
2. Candlestick Pattern: A breakout candlestick followed by a breakdown candlestick
3. Volume: Above average volume on both breakout candle and breakdown candle
4. MACD: MACD histogram topping out
ENTRY SIGNAL TYPES
Trade calls will be separated into two categories, official and unofficial. The reason for the distinction is that official entry calls are only for high probability trade setups whereas unofficial calls might have slightly lower probability of winning but positive net profitability due to high risk reward. As I see a lot of traders, do not practice proper risk management and position sizing, I want to protect them from the second type of trades. At the same time, I know there are more sophisticated traders who can take advantage of both types of calls. So this is the solution that I’ve come up with, which is to separate the two trade types into two types of entry calls. Official entry calls will come with detailed entry, stop loss and take profit levels, whereas unofficial trade entries might or might not and will rely a little bit more on the trader themselves to manage the trade. This is one way to distinguish the more experienced traders from the newer ones. If you are unable to enter an unofficial trade entry without those details, then it means that you shouldn’t be taking those trades and should stick only to the official trades.
1. Official entry calls will be posted using “trading active” post type.
2. Unofficial entry calls are potential good trading opportunities that will be posted using “comments” post type.
ENTRY CONFIRMATIONS
Ideally we get all confirmations for an entry, but sometimes we might take a trade when we have fewer confirmations. The more confirmations, the higher the win probability, though it also means you miss out on some profitable trades if you're only taking trades when we have all confirmations. It's up to your own risk appetite to decide when you feel comfortable entering a trade. You can also adjust position size based on level of conviction, entering a bigger position when there are more confirmations. Make sure you practice proper risk management and money management.
TRADE MANAGEMENT
I have put in preliminary Stop Loss and Take Profit on the chart, but these will depend on how the entry setup forms, so I will update when we have a valid entry signal.
Stop Loss: We typically put a SL around the high / low of the entry area, though we might adjust based on market conditions such as high ATR ( average true range ) or long wicks.
Take Profit: We typically aim for at least a 2:1 RRR (risk reward ratio), but you can decide to take profits earlier, adjust stop loss as we get into profit, take partial profit, leave a small portion for larger gains, etc. How you want to manage depends on your own risk appetite and what you are comfortable with.
RISK MANAGEMENT / POSITION SIZING
Trading is a marathon, not a sprint. The key is to stay in the game long enough for long term probabilities to play out. Even strategies with 90%+ win rate will have losing trades, so if you go all in one every trade, eventually you will blow up your account. My recommendation is to dynamically change your position size based on the size of the stop loss so that you are risking 1-2% of your total account size on any given trade. This means that if you’re wrong and the trade hitting the stop loss, you lose 1-2% of your account. As an illustration, if your account balance is 1BTC, then the most you should lose on any given trade should be 0.01-0.02BTC. Notice that I didn’t mention leverage here. Because what leverage (3X, 5X,10X, etc.) doesn’t matter here. What matters is the position size that matches up with a 1-2% account balance risk.
HOW TO USE MY ANALYSIS
Every day I post potential areas of interest and trade setups based on the latest market conditions and market structure. Once price reaches one of the identified areas of interest and gives a valid entry signal, I will post the entry, along with stop loss and take profit levels, in real time. No hindsight 20/20 here. Everything is in real time for full transparency and so that you can actually enter the same trades that I'm entering. Some trades only give us a few minutes to enter, which is why it's imperative that you follow me so that you don't miss out. Below are two ways that you can use the analysis that I publish daily:
1. You can integrate my analysis into your own analysis, for example by using it as a starting point, or as confirmation of your own TA, or to identify potential trades for yourself.
2. You follow the trade setups and trade entry signals that I give in real time.
DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.
Please support me by liking, sharing, commenting, and following! Thanks!
Please share your ideas and analysis below so we can all learn together!
Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/01/16Live trades will be called in the latest daily post. Follow me to trade live with me!
Also check out my daily post on Bitcoin!
MARKET OVERVIEW
Price Action: ETH rallied to a high of $1257 before having a flash crash to $1045, and is now trading in the middle of the range @ ~$1150.
Chart Patterns: No Patterns
Areas of Interest: The area(s) of interest for us are the 61.8Fib @ $1045 and the highs at $1257. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
TRADES(S) RECAP: LATEST 3 TRADES
2021/01/11: We had losing trade! We entered a long @ $1024.8, with Stop Loss @ $971, which was hit.
2021/01/10: We had winning trade! We entered a long @ $1283, with Stop Loss @ $1247, and price reached a high of $1325, giving a risk reward ratio of 1:1, meaning if you risked 1BTC on this trade, you could've made 1BTC.
2021/ 01 /07: We had two winning trades! We entered a short @ $1213, with Stop Loss @ $1224, and price reached a low of $1159, giving a risk reward ratio of almost 5:1, meaning if you risked 1BTC on this trade, you could've made almost 5BTC. After our short trade, we had a trade of a new experimental trendline strategy. We entered a long @ $1194, with Stop Loss @ $1173, and price reached a low of $1289, giving a risk reward ratio of almost 4.5:1, meaning if you risked 1BTC on this trade, you could've made almost 4.5BTC.
TRADE SETUPS
Below are the potential trade setups that I would be interested in trading. Regardless of the path that the price takes, I will be monitoring the market for a valid trade entry signal.
Long Trade Setup #1: Retest and Continuation (61.8Fib)
To open a long position, we are waiting for price to retrace down to test the 61.8Fib and then continue moving up.
Trade Entry Confirmation:
1. Price Action: Price needs to move back down to the 61.8Fib @ $1045 and bounce back up.
2. Candlestick Pattern: A bullish candlestick pattern
3. Volume: Above average volume on entry candle
4. MACD: MACD histogram bottoming out
Long Trade Setup #2: Breakout and Continuation
To open a long position, we are waiting for price to create a new high, move back down to test previous resistance as support and then bounce back up.
Trade Entry Confirmation:
1. Price Action: Price breaks above and falls back down below $1257 and bounce back up.
2. Candlestick Pattern: A bullish candlestick pattern
3. Volume: Above average volume signal candle
4. MACD: MACD bottoming out
Short Trade Setup #1: False Breakout
To open a short position, we are waiting for price to break above the horizontal resistance and then fall back down.
Trade Entry Confirmation:
1. Price Action: Price breaks above and then falls below the high of $1257, forming a bull trap
2. Candlestick Pattern: A breakout candlestick followed by a breakdown candlestick
3. Volume: Above average volume on both breakout candle and breakdown candle
4. MACD: MACD histogram topping out
ENTRY SIGNAL TYPES
Trade calls will be separated into two categories, official and unofficial. The reason for the distinction is that official entry calls are only for high probability trade setups whereas unofficial calls might have slightly lower probability of winning but positive net profitability due to high risk reward. As I see a lot of traders, do not practice proper risk management and position sizing, I want to protect them from the second type of trades. At the same time, I know there are more sophisticated traders who can take advantage of both types of calls. So this is the solution that I’ve come up with, which is to separate the two trade types into two types of entry calls. Official entry calls will come with detailed entry, stop loss and take profit levels, whereas unofficial trade entries might or might not and will rely a little bit more on the trader themselves to manage the trade. This is one way to distinguish the more experienced traders from the newer ones. If you are unable to enter an unofficial trade entry without those details, then it means that you shouldn’t be taking those trades and should stick only to the official trades.
1. Official entry calls will be posted using “trading active” post type.
2. Unofficial entry calls are potential good trading opportunities that will be posted using “comments” post type.
ENTRY CONFIRMATIONS
Ideally we get all confirmations for an entry, but sometimes we might take a trade when we have fewer confirmations. The more confirmations, the higher the win probability, though it also means you miss out on some profitable trades if you're only taking trades when we have all confirmations. It's up to your own risk appetite to decide when you feel comfortable entering a trade. You can also adjust position size based on level of conviction, entering a bigger position when there are more confirmations. Make sure you practice proper risk management and money management.
TRADE MANAGEMENT
I have put in preliminary Stop Loss and Take Profit on the chart, but these will depend on how the entry setup forms, so I will update when we have a valid entry signal.
Stop Loss: We typically put a SL around the high / low of the entry area, though we might adjust based on market conditions such as high ATR ( average true range ) or long wicks.
Take Profit: We typically aim for at least a 2:1 RRR (risk reward ratio), but you can decide to take profits earlier, adjust stop loss as we get into profit, take partial profit, leave a small portion for larger gains, etc. How you want to manage depends on your own risk appetite and what you are comfortable with.
RISK MANAGEMENT / POSITION SIZING
Trading is a marathon, not a sprint. The key is to stay in the game long enough for long term probabilities to play out. Even strategies with 90%+ win rate will have losing trades, so if you go all in one every trade, eventually you will blow up your account. My recommendation is to dynamically change your position size based on the size of the stop loss so that you are risking 1-2% of your total account size on any given trade. This means that if you’re wrong and the trade hitting the stop loss, you lose 1-2% of your account. As an illustration, if your account balance is 1BTC, then the most you should lose on any given trade should be 0.01-0.02BTC. Notice that I didn’t mention leverage here. Because what leverage (3X, 5X,10X, etc.) doesn’t matter here. What matters is the position size that matches up with a 1-2% account balance risk.
HOW TO USE MY ANALYSIS
Every day I post potential areas of interest and trade setups based on the latest market conditions and market structure. Once price reaches one of the identified areas of interest and gives a valid entry signal, I will post the entry, along with stop loss and take profit levels, in real time. No hindsight 20/20 here. Everything is in real time for full transparency and so that you can actually enter the same trades that I'm entering. Some trades only give us a few minutes to enter, which is why it's imperative that you follow me so that you don't miss out. Below are two ways that you can use the analysis that I publish daily:
1. You can integrate my analysis into your own analysis, for example by using it as a starting point, or as confirmation of your own TA, or to identify potential trades for yourself.
2. You follow the trade setups and trade entry signals that I give in real time.
DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.
Please support me by liking, sharing, commenting, and following! Thanks!
Please share your ideas and analysis below so we can all learn together!
Ethereum price meets imminent barrier above $1,200
Ethereum recovers tremendously following a recent breakdown to $900, prices rise above $1,200.
ETH/USD is dancing in the confines of a rising wedge pattern; a correction seems imminent in the near-term.
Ethereum has recovered considerably after falling to $900 earlier in the week. The price action was lock-step at first, mostly due to the resistance at $1,100. However, Ether managed to overcome the hurdle, leaving an open-air for exploration. On hitting levels above $1,200, ETH’s uptrend appears to be grinding to a halt and might give way to a pullback if a chart pattern is confirmed.
Ethereum draws closer to a rising wedge pattern breakdown
The largest altcoin is also trading at the apex of an ascending wedge pattern, suggesting that a reversal is in the offing.
The bearish outlook forms when an asset's price ascends with pivot highs and lows while converging at a single point referred to as the apex. A breakdown usually occurs before the trendlines converge.
The typical breakdown is mostly confirmed by decreasing volume (highlighting a divergence between volume and price). Breakdowns are generally fast and drastic, thus need to be spotted precisely for them to be profitable.
Similarly, if Ethereum fails to hold above $1,200 losses might still come into the picture. Additionally, the 50 Simple Moving Average on the 4-hour chart must be defended at all costs to ensure that massive declines are kept at bay.
Nonetheless, it is worth noting that Ethereum will sustain the ongoing momentum if support above $1,200 is kept intact. The wedge pattern also needs to be ignored mainly by bulls focusing on the next crucial hurdle at $1,300. Price action beyond this level could see ETH/USD rally to $1,400.
Ethereum intraday levels
Spot rate: $1,225
Relative change: -6
Percentage change: -0.5%
Trend: Bullish
Volatility: Low
ETH price TARGET revision + where to GET INEthereum is going down like crazy. Yeah, it was overbought, and yes, the previous rise was massive, but I understand that many buyers just wanted to be IN. So if you bought it higher, and now you need to dilute your position, I can show you some levels to enter into ETH.
Despite this massive fall, we are still bullish, but... It does not mean that we can't go lower. If you are prepared to BUY, save some cash for lover levels.
Here you have levels for LONG positions:
$939
$905
$853
$831
$805
Where Is volume? 😂😂Ok, trying to update signal fast due to lot of appreciate and attention i received 🙏🙏💘
Like i told seems to create a lot of fake out to make people fomo another time.
I repeat that if trend line Is not broken with huge volume we can assume a false break. After that It Will show the bearish pressure cause big buyers than didnt let price go down Will be the First to sell 😉
If break and retest of before HH we can valutate to take long with stop at open.
Hope u enjoy and comment and Like 🔥🔥
Follow me cause if i reach 100 follower i Will start making more accurate explication of signal :)
Ethereum bearish candle after the big bullish ride - ETH/USDETH was following the bullish ride on the crypto market. But as Bitcoin needs some correction, the price of Ethereum also reached the limit. We can see a massive sellout with bearish candle formation on the D1 graph. It does not mean that we are breaking the bullish trend. I should be just a correction. Let's watch the channel and bounce from the trendline.
ETH/USDT SHORT 1:3 Risk/RewardGood Risk/Reward in this setup. So, the second TP target would be possible entry for LONG.
$ETH - Gap to close between 595 and 598 - Sell at OB (SMT)The Picture is pretty self explainatory. I failed my last ETH trade because I missed seeing this gap.
Ethereum show a double top in formation!!! Good idea to short!!!Ok, I reccomend to closed up our long position because Ethereum could have the possibility to drop toward the $525 USD.
The H4 show us the same bearish candlestick formed in the past hours to short Ethereum. Also, the MACD show a sell movement continue. So, I hope a short entry below of $590 USD to then, short Ethereum!!! That it's my plan. Also, Ethereum show in H1 the same bearish rising wedge as Bitcoin do. But I don't want to pay relevance of it, I'm intraday trader. But now, we see that H4 turn bearish to sell Ethereum.
As I'm short Bitcoin at $19,100 USD and that it's my price that I hope it.
Ethereum breakdown to $565 seems inevitable
Ethereum is holding firmly to the ascending parallel channel’s lower boundary support.
The breakdown to the 50 SMA will be validated if Ethereum closed the day under $600.
Ethereum recently reclaimed the position above $600 but has failed to sustain the uptrend to the next resistance at $520. At the time of writing, the smart contract giant is dancing at $605 amid firm calls for declines under $600. On the downside, losses below the crucial support might extend to $565.
Ethereum is on the verge of a breakdown
Ether is fighting tooth and nail to hold the support at the ascending channel’s lower boundary. The bearish outlook was validated after the price closed the day under the middle layer resistance. Moreover, the bearish narrative will be confirmed if ETH made a daily close under the crucial level at $600.
For now, the least resistance path is downwards, especially with the Relative Strength Index gradually moving toward the midline. The expected losses might stretch to the 50 Simple Moving Average at $565 on the 4-hour chart. However, the subtle buyer congestion at $565 could absorb some of the selling pressure.
Therefore, it should the bulls’ priority to keep the price above $600 and defend the support at the ascending channel’s lower boundary. This will play a very vital role in ensuring the bearish outlook is sabotaged.
Ethereum will embark on the uptrend to the recent yearly high at $636 if the support at $600 is defended firmly. Trading above the hurdle at $620 is likely to call for more buy orders. If enough buying pressure is created, ETH/USD might even overshoot the yearly high for new highs towards $700.
Ethereum intraday levels
Spot rate: $605
Relative change: -10
Percentage change: -1.7%
Trend: Bearish bias
Volatility: Expanding
Ethereum technical indexes spell doom after rejection from $600
Ethereum is on the cusp of a breakdown to $520 after losing support above $600.
Ether bulls must defend the support at the ascending parallel channel’s lower boundary to avert the brewing losses.
Ethereum was blasted to new yearly highs above $600 earlier this week. The majestic move shined a light on the altcoin season finally catching up with Bitcoin as it rallied above $19,000. Ether achieved a new yearly high at $623 before retreating below $600. Meanwhile, the bearish pressure seems to be building as havoc brews in the market.
Ethereum impeding breakdown eyes $520
At the time of writing, ETH is trading at $595 after falling under the ascending parallel channels’ middle boundary. The bearish outlook also seems to be gaining traction, especially after the Relative Strength Index has plunged from the overbought region.
Ethereum is required to hold above the channel’s lower boundary support to avert further losses and perhaps renew the uptrend above $600. Trading under this critical level might trigger a surge in sell orders, creating enough volume to force the price below other vital levels, including $560.
On the downside, formidable support would be provided by the 50 Simple Moving Average (SMA) in the 4-hour timeframe. The volume seems to be expanding already, as the price continues to fall.
It is worth mentioning that buyers can avoid the losses to $520 if they can defend the channel’s lower boundary support. Besides, closing the day above the middle boundary or $600 might renew the bullish outlook and place ETH/USD on a pathway to new yearly highs, preferably near $700.
Ethereum intraday levels
Spot rate: $590
Relative change: -15
Percentage change: -2.5%
Trend: Bearish
Volatility: Expanding
Analysis ethusdtIt has a downward trend for a while and after reaching the drawn range, the trend returns
