Tuesday, 23 July 2019

Ethereum Price Analysis: Bears pushes ETH down

In the daily chart of Ethereum, the uptrend line provided support on JULY 16. This is long term support for Ethereum.

 However, numerous elements that concern us. All the moving averages show a bearish view and there is a death cross between the 50-day SMA and the 20-day EMA . Also, RSI is in a downtrend condition.

With all these conditions a retest of the uptrend line is more likely to happen again.

 Traders should keep a positive view as long as Ethereum stays above the uptrend line.

In the 1H chart below, Ethereum is trading in a downtrend channel which confirms the bearish outlook in short-term. Day traders may use the lower line  of the channel as a buying opportunity and the upper line as taking profit.

Ethereum H1

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