EthereumShort
ETH Short
This is the USD pair, BTC pair is ded.
I've adjusted the support without invalidating it twice now, and this one seems to be the strongest, with a slight bounce on the 4hr timeframe and below.
Notice bear crossing on MACD under the zero line.
Notice the lower prices on the RSI are becoming less oversold, therefore more overbought, showing increasing bear sentiment.
These Fib levels are very long term, going back to when its price was appx. 50-100 dollars. (I dont know exactly, I was just drawing my Fib)
After the end of a market cycle peak, price action usually retraces to the .786 or .883.
Should the support break, which it most likely will, we can see a probable retracement to the .786.
If .786 is broken, then .883.
It's important to note that BTC still has more room to drop, and is currently, which will further drive ETH price downwards.
I've adjusted the support without invalidating it twice now, and this one seems to be the strongest, with a slight bounce on the 4hr timeframe and below.
Notice bear crossing on MACD under the zero line.
Notice the lower prices on the RSI are becoming less oversold, therefore more overbought, showing increasing bear sentiment.
These Fib levels are very long term, going back to when its price was appx. 50-100 dollars. (I dont know exactly, I was just drawing my Fib)
After the end of a market cycle peak, price action usually retraces to the .786 or .883.
Should the support break, which it most likely will, we can see a probable retracement to the .786.
If .786 is broken, then .883.
It's important to note that BTC still has more room to drop, and is currently, which will further drive ETH price downwards.
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