Ethereum - Bearish Divergence
I should say from the beginning that it does not look like a good example of a bearish divergence. But combining all possible signals from different timeframes, the bearish divergence based on the 4H chart seems logical. The daily timeframe forms a reversal candlestick pattern. Indicators form 1H timeframe support a possible downward movement.
If we look at the indicators from the current timeframe, we can see that MACD histogram supports the downtrend movement now and the lines are going to do it soon. RSI confirmed the price reversal in the overbought zone. DMI is bullish, and ADX like still tells us about the strength of buyers. Probably the market will make one more attempt to reach 200.00 level and we will see the reversal from that strong resistance. It can be like this too, but the bearish divergence and the further downward movement seems more realistic variant.
If the price breaks the local uptrend line, the market will move to 160.00 support level, and here we should be ready to see the sideways movement like it was with BTC after the bearish divergence. If the price breaks 160.00 support, the next support zone will be at SMA100 and SMA200. The market will be able to bounce from this support and give us buy signals. The uptrend will be continued and the 1st target the market will be 200.00 resistance.
If we look at the indicators from the current timeframe, we can see that MACD histogram supports the downtrend movement now and the lines are going to do it soon. RSI confirmed the price reversal in the overbought zone. DMI is bullish, and ADX like still tells us about the strength of buyers. Probably the market will make one more attempt to reach 200.00 level and we will see the reversal from that strong resistance. It can be like this too, but the bearish divergence and the further downward movement seems more realistic variant.
If the price breaks the local uptrend line, the market will move to 160.00 support level, and here we should be ready to see the sideways movement like it was with BTC after the bearish divergence. If the price breaks 160.00 support, the next support zone will be at SMA100 and SMA200. The market will be able to bounce from this support and give us buy signals. The uptrend will be continued and the 1st target the market will be 200.00 resistance.
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