Back again with some ETHUSD TA.
The overall pattern we have formed is a Falling Wedge (Just like BTC) this gives me some hope that the bear cycle is soon coming to an end however not without more downside along the way and some testing of key support levels. We've been pushed down by both the 200EMA and the 0.5 Fib-Extension giving off a strong rejection off these levels. This has lead to a pullback and a retest of the 0.618 Fib-Extension, here was a crucial that we close above this level to give us a good chance of being able to break out of this wedge unfortunately though we were unable to do so which resulted in another rejection and pull back to our current level where we are currently fighting to break and close above it. If we happen to close above this level then we stand a very good chance of breaking out of this wedge but if we don't (more likely) then we will be testing the $691-$700 area in which I expect a very strong bounce and a testing of the upper trend line with a hopeful break.
We have a clear bullish divergence which I won't expect to be played out until we have reached the key area of $690-$700 in which then we will see the Falling Wedge pattern broken and hopefully some key resistance levels.
Right now sentiment is bearish until $690-$700.
The overall pattern we have formed is a Falling Wedge (Just like BTC) this gives me some hope that the bear cycle is soon coming to an end however not without more downside along the way and some testing of key support levels. We've been pushed down by both the 200EMA and the 0.5 Fib-Extension giving off a strong rejection off these levels. This has lead to a pullback and a retest of the 0.618 Fib-Extension, here was a crucial that we close above this level to give us a good chance of being able to break out of this wedge unfortunately though we were unable to do so which resulted in another rejection and pull back to our current level where we are currently fighting to break and close above it. If we happen to close above this level then we stand a very good chance of breaking out of this wedge but if we don't (more likely) then we will be testing the $691-$700 area in which I expect a very strong bounce and a testing of the upper trend line with a hopeful break.
We have a clear bullish divergence which I won't expect to be played out until we have reached the key area of $690-$700 in which then we will see the Falling Wedge pattern broken and hopefully some key resistance levels.
Right now sentiment is bearish until $690-$700.