Ethereum - No reason to change the stance

Ethereum continues to trade within a range, not supporting bullish calls about the market bottom and primary trend reversal. Indeed, we believe this recent lack of appetite among investors to prop up the price higher highlights what we have been reiterating for a while now. Therefore, we have very little to update about our stance on this cryptocurrency (as much of what we said about Bitcoin over the past few days also applies to ETHUSD). We remain bearish and maintain our price targets of 1000 USD and 900 USD.

Illustration 1.01

The illustration above shows the daily chart of ETHUSD and simple support/resistance levels.

Technical analysis - daily time frame
RSI is neutral. Stochastic strives to reverse. MACD points to the upside but stays in the bearish area. DM+ and DM- are bearish. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI is neutral. Stochastic is bearish. MACD flattens. DM+ and DM- are bearish. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Zlecenie aktywne:

Here is the chart of XRPUSD, which we submitted a few days ago. We would like to highlight similarities in the structure between Ethereum and Ripple; in our opinion, the price action foreshadows what is due to follow also in ETH.

Zlecenie aktywne:

Here is the follow-up after our warning about the Ripple cryptocurrency.