On the 2nd August ETHUSD printed a long lower wick that tested EMA50 as support.
After this test, we ended up with a lower high...
So EMA100 is likely to be tested next.
The target for ETHUSD now sits at $347/$344, which is the 0.618 Fib. retracement level for the move from 28-June to 2-Aug. and also EMA100.
On top of the EMAs analysis above, we can also notice the EMAs starting to curve while the and are trending down.
Conditions for change
The above analysis becomes invalid if ETHUSD moves and closes above $409.
Any trading below $409 and this analysis remains valid and we continue with the view/bias.
Thanks a lot for reading.
P.S. This is not financial advice.
Remember to have a plan and do your own research before you trade.