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ETHUSD set to extend its downtrend?

Thank you for tuning in for Wednesday’s update. Today’s video analysis focuses on ETH. We also have a quick recap of some key FX moves we’ve seen since yesterday, including the USD run into new 2022 highs and the JPY crashing to 22-year lows.

Some top 10 coins broke lower yesterday, but ETH held out after an impressive 5% rally in yesterday’s Asian session. This rally faded out, but we did see 1540 hold. Today has been a very different story with heavy selling so far this session. Sellers have not only beaten 1540 but are also starting to threaten 1470 support.

If we see a move through 1470 and a break of the 1419 low, we will look for the downtrend to continue. Normal trend conditions will be met with a new LL backing up the last LH.

What do you think? Do you agree? Do you think ETH will bounce at support, or have we missed something? We are always happy to hear feedback from other traders.

Enjoy your Wednesday, and good trading.