ETH / USD Price Analysis: Losing Charge
ETH / USD Short-term price analysis
Ethereum has a bearish short-term trading bias, with the cryptocurrency now trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that a bearish head and shoulders pattern has taken shape, with the ETH / USD pair now testing towards the neckline of the pattern.
Technical indicators are bearish on the four-hour time frame and continue to generate sell signals.
Pattern Watch
Traders should note that the downside target of the bearish head and shoulders pattern on the four-hour time frame extends towards the $125.00 level.
Relative Strength Index
The RSI indicator on the four-hour time frame has turned bearish, although it is attempting to correct from oversold territory.
MACD Indicator
The MACD indicator on the four-hour time frame has turned bearish and continues to issue a sell signal.
ETH / USD Medium-term price analysis
Ethereum retains a bullish medium-term trading bias, with the ETH / USD pair still trading above its trend defining 200-day moving average.
The daily time frame is still showing a valid inverted head and shoulders pattern, although the ETH / USD pair has now fallen below the neckline of the bullish pattern.
Technical indicators on the daily time frame have turned bearish and have scope to correct even lower.
ETH / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the inverted head and shoulders pattern on the daily time frame has yet to reach its overall upside target of $230.00.
Relative Strength Indicator
The RSI Indicator on the daily time frame has turned bearish and shows scope for further downside.
MACD Indicator
The MACD indicator on the daily time frame is bearish, with both the MACD histogram and the MACD signal line issuing sell signals.
Conclusion
Ethereum is staging a strong short-term technical correction with the bearish head and shoulders pattern on the four-hour time frame suggesting that the ETH / USD could trade even lower.
Ethereum still has the potential to trade higher over the medium-term if the inverted head and shoulders pattern on the daily time frame remains valid.
Ethereum has a bearish short-term trading bias, with the cryptocurrency now trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that a bearish head and shoulders pattern has taken shape, with the ETH / USD pair now testing towards the neckline of the pattern.
Technical indicators are bearish on the four-hour time frame and continue to generate sell signals.
Pattern Watch
Traders should note that the downside target of the bearish head and shoulders pattern on the four-hour time frame extends towards the $125.00 level.
Relative Strength Index
The RSI indicator on the four-hour time frame has turned bearish, although it is attempting to correct from oversold territory.
MACD Indicator
The MACD indicator on the four-hour time frame has turned bearish and continues to issue a sell signal.
ETH / USD Medium-term price analysis
Ethereum retains a bullish medium-term trading bias, with the ETH / USD pair still trading above its trend defining 200-day moving average.
The daily time frame is still showing a valid inverted head and shoulders pattern, although the ETH / USD pair has now fallen below the neckline of the bullish pattern.
Technical indicators on the daily time frame have turned bearish and have scope to correct even lower.
ETH / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the inverted head and shoulders pattern on the daily time frame has yet to reach its overall upside target of $230.00.
Relative Strength Indicator
The RSI Indicator on the daily time frame has turned bearish and shows scope for further downside.
MACD Indicator
The MACD indicator on the daily time frame is bearish, with both the MACD histogram and the MACD signal line issuing sell signals.
Conclusion
Ethereum is staging a strong short-term technical correction with the bearish head and shoulders pattern on the four-hour time frame suggesting that the ETH / USD could trade even lower.
Ethereum still has the potential to trade higher over the medium-term if the inverted head and shoulders pattern on the daily time frame remains valid.
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