ETH bears ready to take charge!
CryptoAST ETH USD Breakdown
On our last breakdown of ETH with price trading at 210$, we stated that it was normal to make highs to 220$ but we only saw highs to 216$. Thereafter, we stated that we expected bearish price action to the 204$ price level and 197$ price level thereafter, and it is pleasing to know that we made lows to 192$ on this occasion.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 202$:
- On the daily, it can be seen that the wider trend line support is keeping price above the 195$ price level and we believe that unless lows of 192$ are achieved, there will not be enough bearish price action to take us to the 175$ support level or key level of 185$ for daily EMA support. However, its important to note that on the daily specialist H-A charts, we are seeing price action, which can break through this support level of 195$ and confirmation price of 195$.
- On the 4 hourly, we are seeing price action of the likes by which, we would break through key support level at 195$. This would involve us entering back into the descending wedge structure and thus would lead to lows in price of 168$. Key support levels lay at 175$, 185$ and 192-195$. Other chart indicators look bearish too.
- On the hourly, we are also seeing bearish price action to the stated levels above. To add to this, we can see price to the upside faces a ceiling as soon as 205$ is hit.
To conclude, its looking very bad for ETH bulls.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
On our last breakdown of ETH with price trading at 210$, we stated that it was normal to make highs to 220$ but we only saw highs to 216$. Thereafter, we stated that we expected bearish price action to the 204$ price level and 197$ price level thereafter, and it is pleasing to know that we made lows to 192$ on this occasion.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 202$:
- On the daily, it can be seen that the wider trend line support is keeping price above the 195$ price level and we believe that unless lows of 192$ are achieved, there will not be enough bearish price action to take us to the 175$ support level or key level of 185$ for daily EMA support. However, its important to note that on the daily specialist H-A charts, we are seeing price action, which can break through this support level of 195$ and confirmation price of 195$.
- On the 4 hourly, we are seeing price action of the likes by which, we would break through key support level at 195$. This would involve us entering back into the descending wedge structure and thus would lead to lows in price of 168$. Key support levels lay at 175$, 185$ and 192-195$. Other chart indicators look bearish too.
- On the hourly, we are also seeing bearish price action to the stated levels above. To add to this, we can see price to the upside faces a ceiling as soon as 205$ is hit.
To conclude, its looking very bad for ETH bulls.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
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