ETH/USD forms double top, slides below 21-EMA again

ETHUSD forms the double top pattern on intraday chart plotting with top 1 at 745.00 & top 2 at 739.85 with rising trend line (refer 2H chart).

Bearish engulfing patterns have occurred on (intraday, weekly terms) at 693.29 and 825.30 levels respectively, these bearish patterns have hampered the previous bullish sentiments.

On the flip side, the hammer pattern has occurred on weekly and intraday plotting at 810.46 and 696.52 levels.

Consequently, the trend forms whipsaws after that brief downswings. The whipsaws after downtrend are deemed as a bullish signal and vice versa (refer 2H chart), the price behavior has been spiking through rising trend line (see 2H chart). Both leading and lagging indicators are not indicating the momentum and trend confirmation on this timeframe.

While on the intermediary terms, the downtrend has constantly slid below 7EMAs (on the weekly chart), both leading & lagging indicators signal weakness on this timeframe, bears plummet the current prices below 21EMAs.

Both leading oscillators ( RSI & stochastic curves) show downward convergence to signal strength and momentum in the bearish trend .

To substantiate this stance, MACD has also shown bearish crossover to indicate downtrend to prolong further,

Well, for now, further price dips are likely only on break-below strong support at 638.11 levels

While on the other hand, long-term traders and investors should wait for a bounce back above EMAs after testing this strong support.

Hence, contemplating above technical rationale, one can think of shorting etherium against the dollar by snapping deceptive rallies below 713.05 on trading terms.

Currency Strength Index: FxWirePro’s hourly USD spot index has shown 8 (which is neutral ahead of the data announcements of US CPI prints followed by 30Y bond auction) while articulating (at 07:56 GMT )
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出