Ethereum (ETH) Weekly Candle Close: A Potential Bullish Development
Ethereum (ETH) is closing the week in red after months of uptrend. However, if ETH/USD closes the weekly candle above the 50 week EMA, it could pave the way for a rally past $300 in the weeks ahead.
- Ethereum (ETH) cooled off short term to make way for another rally.
- RSI may not be a good indicator for predicting price action.
- ETH/USD formed a higher high and higher low between April and now.
- Be cautious going long on ETH/USD, as it could break below the rising wedge.
- Ethereum (ETH) is still due for another downtrend and hasn’t found its true bottom.
The Bears Are About to Regain Control
The bears are about to see their good days begin again as this bear market is far from over. ETHUSDShorts, the number of margined shorts, is approaching a trend reversal as it trades within a large descending wedge.
- ETHUSDShorts reaching the end of the line within the falling wedge.
- Once ETHUSDShorts breaks the trend line resistance, bearish pressure will mount up.
- Number of margined shorts may decline further for the next few weeks.
- Ethereum (ETH) is bullish short term, but due for a major move to the downside long term.
- Market will give false hope to bulls before crushing their dreams and starting a new bullish cycle.
Hot Take
Ethereum (ETH) may be experiencing short term bullishness, but the overall long term trend points to a major move to the downside. The bears are on the verge of regaining control, and the market will likely inflict pain on both bulls and bears before a new bullish cycle begins.
By
By
By
By
By
By