Ethereum appears to be forming a declining triangle. Therefore, we will monitor it closely and wait for the breakout above the upper bound or below the lower bound. We are currently inclined toward the latter scenario, which will see ETHUSD move lower. That is due to our bearish view of the cryptocurrency market. As a result, we would like to set a price target for ETHUSD to 1700 USD and 1650 USD.
Technical analysis - daily time frame
RSI and Stochastic are bearish. MACD is bullish but still in the bearish territory. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Technical analysis - daily time frame
RSI and Stochastic are bearish. MACD is bullish but still in the bearish territory. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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