ETH is approaching the margins of our wedge which has to hold the price, otherwise, we may have a deeper correction on our plate.
Why I say this, look at daily indicators:
MACD - we have a bearish divergence, plus we're about to flip on the negative side...
RSI - bearish divergence...
Volume - declining...
Not looking that good, we need a bit of momentum soon or we're in trouble if we fall off the wedge/support. Worst case scenario we go back to $1.4k, our previous ATH.
BTC however looks much better at this time... maybe people are selling alts for BTC? Could be. Tomorrow we will know where we are headed, so keep a close eye on ETH.
Bias is somewhat bearish right now, but if support holds, we're good.
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Why I say this, look at daily indicators:
MACD - we have a bearish divergence, plus we're about to flip on the negative side...
RSI - bearish divergence...
Volume - declining...
Not looking that good, we need a bit of momentum soon or we're in trouble if we fall off the wedge/support. Worst case scenario we go back to $1.4k, our previous ATH.
BTC however looks much better at this time... maybe people are selling alts for BTC? Could be. Tomorrow we will know where we are headed, so keep a close eye on ETH.
Bias is somewhat bearish right now, but if support holds, we're good.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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