Hi guys! Welcome to my ETHUSD Analysis!
On the logarithmic scale, we can see on how the price held on the top of the channel last 9 January. We also have seen how the daily MA 100 is supporting this resistance on the top of the same channel.
We can see how the volume is descending so probably it will break in the near future. I expect a strong movement of the ETH price.
On the other hand, there are several bearish divergences on the MACD and RSI. Therefore, I think that there are more probabilities to check the bottom of this descending channel than see a breaking of the top of the channel on the next price movement.
Therefore, think that Ethereum could test again the previous resistance on 82$. If this resistance do not hold the price, I think that the price could drop until the bottom of the channel. I have seen that this bottom could be confirmed with the resistance of March 2017 (around 55$).
On the logarithmic scale, we can see on how the price held on the top of the channel last 9 January. We also have seen how the daily MA 100 is supporting this resistance on the top of the same channel.
We can see how the volume is descending so probably it will break in the near future. I expect a strong movement of the ETH price.
On the other hand, there are several bearish divergences on the MACD and RSI. Therefore, I think that there are more probabilities to check the bottom of this descending channel than see a breaking of the top of the channel on the next price movement.
Therefore, think that Ethereum could test again the previous resistance on 82$. If this resistance do not hold the price, I think that the price could drop until the bottom of the channel. I have seen that this bottom could be confirmed with the resistance of March 2017 (around 55$).