#ETHUSD - Ethereum heading lower at least -20%
Hi All, my main 3 take-outs from this analysis are the following:
1- ETH broke a rising wedge (in red) whose target is around 2,800. Before reaching that target though the price will face a strong dynamic support given by the 200 MA as also by the 0.786 Fibo level at around 3,130
2- The price might also ideally try to break the supportive blue trendline of the bigger rising wedge and if it does, the drop might be pretty strong. I believe that the 100 MA might be broken easily..
3- Strong bearish divergence shown on the RSI vs prices. Higher highs of the price are not supported by higher highs of the RSI, which is making lower highs.
Not a financial advice, just personal opinion. Do your own due diligence and good luck!
1- ETH broke a rising wedge (in red) whose target is around 2,800. Before reaching that target though the price will face a strong dynamic support given by the 200 MA as also by the 0.786 Fibo level at around 3,130
2- The price might also ideally try to break the supportive blue trendline of the bigger rising wedge and if it does, the drop might be pretty strong. I believe that the 100 MA might be broken easily..
3- Strong bearish divergence shown on the RSI vs prices. Higher highs of the price are not supported by higher highs of the RSI, which is making lower highs.
Not a financial advice, just personal opinion. Do your own due diligence and good luck!
