Ethereum's uptrend is weakening. This is not unexpected given that we are already at a key point in the cycles of both Ethereum and Bitcoin. The previous two tops were discovered after 58 and 43 days, respectively, while Ethereum's local top was discovered after 61 days.
Not only do we notice a daily cycle pattern, but Ethereum has also found resistance at the first critical point of 1700 USD. As the trend weakens, we're seeing a lower high.
Why is the trend weakening? This is represented not just in the rsi, but also in our indicator Fetch Trends, which utilizes the rsi to calculate its colors.
On top of that, our other indicator "moving average sequential strat" is firing off a sell signal, giving me us plenty of reasons to think the local top for Ethereum is either close or in.
Not only do we notice a daily cycle pattern, but Ethereum has also found resistance at the first critical point of 1700 USD. As the trend weakens, we're seeing a lower high.
Why is the trend weakening? This is represented not just in the rsi, but also in our indicator Fetch Trends, which utilizes the rsi to calculate its colors.
On top of that, our other indicator "moving average sequential strat" is firing off a sell signal, giving me us plenty of reasons to think the local top for Ethereum is either close or in.