We have got a death cross on daily on ETH (50 EMA - Yellow and 200 EMA - Red).
This often indicates pressure to the downside.
Daily stochs are pointing to the downside as well.
Looks like we are getting rejected from 0.618 Fib retracement too.
If that is the case, first target is about 167 (Previous supports and resistances)
167 is the blue line.
This death cross will be invalidated if we get some bullish cross on 4hr/daily or if 50 EMA crosses above the 200 EMA.
Reminder: BTC price has a huge impact on altcoins.
This often indicates pressure to the downside.
Daily stochs are pointing to the downside as well.
Looks like we are getting rejected from 0.618 Fib retracement too.
If that is the case, first target is about 167 (Previous supports and resistances)
167 is the blue line.
This death cross will be invalidated if we get some bullish cross on 4hr/daily or if 50 EMA crosses above the 200 EMA.
Reminder: BTC price has a huge impact on altcoins.
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My new short idea!
ETHUSD Right now testing the 167 line. Let's see if it holds as a support or breaks through.