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Ethusdshort

Bloodshed Galore As ETH Nosedives To $1,700 Ethereum price explores the levels toward $1,700 after closing the day under support at $1,850. Ether’s downtrend seems unstoppable amid numerous sell signals. Ethereum price is joining the rest of the cryptocurrency market in another selloff round. The pioneer smart contract token is in the middle of a breakdown that may soon touch $1,700 and perhaps continue to $1,600. The widespread losses have seen Bitcoin lose over 5% of its value in the last 24 hours to trade marginally above $30,000. Ethereum is grappling with 7.6% in losses while more declines seem apparent in the near term. Ethereum Price Freefall Gains Momentum Ether continues to trade within the confines of a descending parallel pattern, as seen on the four-hour chart. A recent rejection at the upper boundary (a resistance reinforced by the 50 Simple Moving Average (SMA)) caused bulls to lose balance. The correction reported on Monday failed to secure support at $1,850 (instrumental in stopping last week’s losses). As the price action explores downstream levels, bulls hope to bounce back at the channel’s lower boundary. Nonetheless, most indicators seem to have flipped massively bearish, accentuating the sellers’ grip on ETH. For instance, the Moving Average Convergence Divergence (MACD) recently affirmed a sell signal that occurred when the 12-day Exponential Moving Average (EMA) crossed below the 26-day EMA. In addition, the MACD is moving lower beneath the mean line, thus validating the bearish outlook. At the same time, the Relative Strength Index (RSI) emphasizes the aggressive bears’ grip. Hence, Ethereum’s path with the least resistance will remain downward in the short term, perhaps until formidable support comes up. Holding above $1,700 is crucial for the resumption of the uptrend and will shift the bulls’ focus to $2,000. Otherwise, closing the day below may deepen the sellers’ reach, with losses gaining traction to $1,600. Ethereum Price Intraday Levels Spot rate: $1,732 Trend: Bearish Volatility: High Support: $1,700 Resistance: $1,880 and $2,000
COINBASE:ETHUSDShort
by CoinGape
1
ETHUSD Descending triangle? Big Downside?ETHUSD looks to be painting a descending triangle on the 1D chart. A recently completed H&S has sent eth further down, most likely to test the triangle support ($1700), I expect a bounce there for a potential long entry and a potential retest of the upper edge of triangle (~$2000)for a ~15% return. Breakout of triangle to the downside would likely lead to Support 2, but potential down cost averaging if you want to try and front load at support 1. Careful with catching knives though. ***THIS IS NOT FINANCIAL ADVICE***
COINBASE:ETHUSD
by j0v8008
7