On the 4hr chart you can see that ETH has broken below the neckline of a (confirmed?) pattern. The on the breakout wasn't super convincing, but, looking at the hourly chart you can see that price has come back up to test the bottom of the neckline and met resistance. Neckline support is now neckline resistance. It is important to keep in mind that the price of bitcoin can quickly impact the price of ethereum , so a close back above the neckline will invalidate this pattern.
The blue horizontal dashed lines are targets and potential supports that will need to be broken on the way down. If you take a look at my recent Ethereum Classic Analysis, you will see that the price dropped almost precisely to my targets, where they found some resistance and consolidated for a few hours before breaking through to the next level. I was the only one calling BEAR on ETC when everyone else was shouting "TO THE MOON!". I got it right and plan to do more of that in the near future for you guys so please comment, like, follow, and so on. (I'm still in that trade btw and I think there's some more money to be made so check it out!)
Entry - $784 (Stop Loss - $810)
773.86 (I will not be booking any profits here because I live on the edge)
After $724.63 there doesn't seem to be much support / resistance so a drop down to the next two targets could be fairly rapid.
598.79 ( Target)
As always, this is my research and you should not make trades based on it. I share with you guys for educational purposes only and also to remain open to constructive criticism from other traders. Don't like what I have to say or disagree with my analysis? Tell me why! Maybe you're seeing something I'm missing.
Agree with my analysis or seeing something similar? Like, comment or follow.