The narrowing of the Bollinger Bands on Ethereum suggests another larger move should occur soon.
The primary trend is still down, the price has just rejected the 50 -day EMA (twice) and it is now breaking support provided by the recent trendline – all suggesting the next move is down.
However, it’s worth considering the possibility of a rally if the price finds support between the lower band (around $198) and the well supported low at
$192. Dramatic Bollinger band squeezes often begin with a tag of the opposite band – as we saw in early September when the price tagged the upper band before falling sharply. Will be watching price action and volume carefully in this area.
The primary trend is still down, the price has just rejected the 50 -day EMA (twice) and it is now breaking support provided by the recent trendline – all suggesting the next move is down.
However, it’s worth considering the possibility of a rally if the price finds support between the lower band (around $198) and the well supported low at
$192. Dramatic Bollinger band squeezes often begin with a tag of the opposite band – as we saw in early September when the price tagged the upper band before falling sharply. Will be watching price action and volume carefully in this area.
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