Ethereum Daily Analysis

29. Juni 2020

Ethereum fell below the Daily EMA ribbon. This would be bearish since every time this happens it tends to go much lower. I would like to point out that since it has closed below it, we should remain skeptical because it wasn't with confidence and decisive. We are bouncing from a downwards channel. Since there is a daily RSI divergence(Not shown on this chart), Ethereum might go alot lower.It also got rejected from long term resistance(The purple line). This is bearish in my opinion, since it has failed to form a higher high. In the coming weeks I think that it might hit the .618 Fibonacci Retracement. This level is at 155$.