OMGUSD has been on a run since the last drop. The patter as a whole is bearish. It has dropped almost 50% from its ATH - the correction phase. And make no mistakes the correction phase is still ON. The forming wedge patter is another sign that the drop is inevitable.
The wedge pattern will be proven wrong if the OMG/USD crosses the $15.2 mark....
ETH has been following a downward trend channel and have a downward support at over 627$failing to find support there it can possible fall in the range of 550$.
As you can see the volume has been very low at the peak points. It would be safe to wait for ETH to reach 960$ levels before having any long position.
The 4H ETH was supposed to be bullish after spotting the H&S pattern but the ETH failed to cross the 866$ mark. The market could possible see further down trend if it falls below 800$ i.e., below the 20 MA and 50 MA.
A few sings for bullish pattern could be spotted if it breaks the 885$ resistance with a higher volume.
Further more the RSI pattern also shows a...
The reduced buy volume is a clear sign for reversal in trend. The price might move a little up till the point of previous shoulder and then a downtrend is expected.
This pattern will fail if a sudden surge in buy volume is seen and if the neckline is not broken.
All the current technical analysis show only one particular thing in common, ETH is having a bad time given the reduced amount of volumes and other analysis.
The 4H chart of ethereum shows a clear sign of following trend.
Support levels of ethereum can be expected to be around 400-500 levels.