Ethereum (ETHUSD) is looking bearish after breaking below support... Let's take a look at the charts on the weekly time frame for ETHUSD...
Let's get started!
First we can see ETHUSD growing since early December 2018 until recently, late June, when it reached a peak.
The low hit on December remained at $80 USD. The peak hit on June reached $363 USD.
We saw a break of support (in the form of MAs) on the week of the 8th of July. After this week, ETHUSD has been trading below support on low volume.
We have a major trendline (dash red) holding its price. If this trendline breaks, it is very likely for Ethereum to move lower and test $190. If $190 breaks on this time frame, we can expect ETHUSD to hit $170 or as low as $145 which is the 0.786 Fib. retracement level from the last bullish wave. At this point, we stop and look at the charts again if this scenario playouts out.
On the bullish side, if ETHUSD can break above EMA10,50, etc. (red zone), it can move higher and challenge the resistance levels marked with magenta dashed lines... If it can break and close above $250, then $319 and $362 become possible.
We are looking at bearish indicators, MACD and RSI.
We also have low trading volume, quite bearish on this setup.
Multiple signals are pointing to ETHUSD moving lower, but it can also grow if the dashed red trendline holds and it breaks the resistance right above... But if the resistance can't be broken, Ethereum can go low... This is as normal as it goes, after growing 333%+ in just a few months...
Namaste.
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Daily time frame (ETHUSD @alanmasters):
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Moved lower... If you are interested in a new analysis, please let us know in the comments section.
I will do just the opposite of what you say ;) because you fail in every analysis
CryptoTradingFrance
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@armadora, Yes ETH is currently sitting on its support but for him = bearish
AlanSantana
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@ProBitMEX, It moved lower...
shubhan1996
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@alanmasters, I trust you one week ago that is on 9 aug you posted that it will move down to $175 or $145 and it really got down and to near value you predicted. I am impressed. I wanted to learn how you analyse can you guide me through this?
AlanSantana
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@shubhan1996, I use a variety of tools. I learned through practice.
I have a website where I share some of the basics that can help you get started, but your own work will get you what you want.