Eth has been doing quite well lately showing strength when the kingbitcoin and all the cryptomarkets were falling. But im not confident that is the case today.
If you look to the graph you may see a strong reaction to the 0.23 fib level. Also MACD and RSI are heading down and the momentum doesnt look really good as we have descending and low volumen.
This week the forecast for eth is a expected sideways market between fib levels until volumen appears and indicators reset or go upwards. That said i have the feeling that btc will invalidate this analysis. As the market leader and with an uncommon downtrend in btc a reversal of this trend will imply major changes in the overall sentiment in crytpo markets.
Feel free to comment, ask, share and criticize!
ps.
4h chart seems to agree
If you look to the graph you may see a strong reaction to the 0.23 fib level. Also MACD and RSI are heading down and the momentum doesnt look really good as we have descending and low volumen.
This week the forecast for eth is a expected sideways market between fib levels until volumen appears and indicators reset or go upwards. That said i have the feeling that btc will invalidate this analysis. As the market leader and with an uncommon downtrend in btc a reversal of this trend will imply major changes in the overall sentiment in crytpo markets.
Feel free to comment, ask, share and criticize!
ps.
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