ETH did a nice rally yesterday to set in a new ATH at $1,476, however the rally was quickly pushed back down leaving the 4h candle with a long wick wishing for moon.
Now we have quite a bearish engulfing 4h candle (meaning its red body is larger than all previous green candles today). If our ascending support fails, we will go down to $1,270 support or lower to $1,150.
What concerns me more however are the indicators. On all timeframes we're starting to paint quite a bearish picture. First on 4h MACD + RSI are curving down and RSI both on 4h and on daily is panting a massive bearish divergence (higher price vs lower RSI top). This indicates momentum up is fading and unless we soon get MASSIVE volume, destroy the ATH resistance and we pump a significant amount, I think we're due for some bearish times.
The immediate levels are on the chart. Very curious to see what ETH does next.
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Now we have quite a bearish engulfing 4h candle (meaning its red body is larger than all previous green candles today). If our ascending support fails, we will go down to $1,270 support or lower to $1,150.
What concerns me more however are the indicators. On all timeframes we're starting to paint quite a bearish picture. First on 4h MACD + RSI are curving down and RSI both on 4h and on daily is panting a massive bearish divergence (higher price vs lower RSI top). This indicates momentum up is fading and unless we soon get MASSIVE volume, destroy the ATH resistance and we pump a significant amount, I think we're due for some bearish times.
The immediate levels are on the chart. Very curious to see what ETH does next.
Like and follow if you liked this idea!
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