Ethereum

$ETH Price Prediction 02/17/2022

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Another rejection at 3200 caused enough momentum to push ETH below 3k critical support; look for a possible dip down to long-term trendline (solid purple), new patterns may need to be indicated. Current support is expected around 2800-2850. Watch out for daily convergence.

Although a bearish piercing was prevented off yesterday's D1 close, the candle ended up forming a hanging man reversal pattern off a slight double-top (better seen on H1).

This is typically due to a large sellout and lack of buy-pressure, however based on the length of the lower shadow versus body, this was a difficult call to make imo.

Penafian

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