Ethereum looking like it might be getting ready to tumble. Other than the fakeout breakdown that we saw in Ethereum yesterday, we've been consolidating in a large bear flag pattern, decreasing volume further confirms this. Recent patterns show that these bear flags have been consistently breaking to the downside. Helping this bear flags cause is the 20 ema which has been very resistive over the recent candles that is helping to push the price down towards the bottom of the flag, and will most likely cause us to break out to the downside YET AGAIN.
A successful break above the 20 EMA still leaves the top of the bear flag around $420 in play as a resistance, on top of that, we have the 50 ema that is coming down towards the top of the bear flag which will only strengthen this resistance. A pump from Bitcoin could help invalidate this pattern in Ethereum, but it'll still be within the flag as long as it is trading below the $422 to $425 range.
I've come up with a target of $272 if we break below the flag. Should that target fully materialize (nothing is definite), there will be support along the way. Recent market conditions show us, however, that any bounces or "relief rallies" are incredibly weak.
Do your own research, and also please let me know your thoughts.
A successful break above the 20 EMA still leaves the top of the bear flag around $420 in play as a resistance, on top of that, we have the 50 ema that is coming down towards the top of the bear flag which will only strengthen this resistance. A pump from Bitcoin could help invalidate this pattern in Ethereum, but it'll still be within the flag as long as it is trading below the $422 to $425 range.
I've come up with a target of $272 if we break below the flag. Should that target fully materialize (nothing is definite), there will be support along the way. Recent market conditions show us, however, that any bounces or "relief rallies" are incredibly weak.
Do your own research, and also please let me know your thoughts.