| Some say the most significant component of technical analysis is price movement. ETHUSD hasn't closed a daily candle around $1700 in 3 days. This indicates a lack of bullish momentum to drive Ethereum to a new price level. Technically, ETH is a bear flag. Bear flags continue downtrends. Bear flags have a strong downward move followed by an upward consolidation channel. ETHUSD looks to be in a channel, even without a bear channel, after touching its upper band. Previously lucrative Longs may take partial or full profit, and fresh bears may begin short positions. The Ethereum technical analysis video illustrates the 14-day RSI and simple moving average, and we search for an approaching crossing. RSI shows market strength and weakness. Many traders use it to spot price momentum changes on charts. A trade plan for shorting ETH with a stop at $1800 and 2 profit taking objectives is offered, one with a reward-to-risk ratio of 1.5 and the other substantially higher. Ethereum technical analysis video below. The full Ethereum technical analysis is at https://www.forexlive.com/technical-analysis/ethereum-technical-analysis/ |
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