Ethereum had been trading in a rising channel since reversing course, creating a series of higher highs and higher lows as it worked its way north in an uptrend.
The most recent lower high is at $2,672.84, and if Ethereum drops below the level, it will negate the uptrend and throw the crypto into a possible downtrend.
Ethereum’s afternoon decline came on higher-than-average volume on lower timeframes, which indicates the bears are in control.
The move lower caused Ethereum to lose support at the eight-day exponential moving average (EMA). Bulls will want to see the crypto hold above the 21-day EMA or the eight-day EMA will cross below it, which would be bearish.
On Feb. 6, Ethereum broke up through a descending trendline that had been holding it down since the crypto reached a high near $4,800 on Dec. 1. The crypto may find support at the trendline if it continues to fall to the area.
Ethereum has resistance above at $3,057.82 and $3,240.01 and support below at $2,890 and $2,609.02.
The most recent lower high is at $2,672.84, and if Ethereum drops below the level, it will negate the uptrend and throw the crypto into a possible downtrend.
Ethereum’s afternoon decline came on higher-than-average volume on lower timeframes, which indicates the bears are in control.
The move lower caused Ethereum to lose support at the eight-day exponential moving average (EMA). Bulls will want to see the crypto hold above the 21-day EMA or the eight-day EMA will cross below it, which would be bearish.
On Feb. 6, Ethereum broke up through a descending trendline that had been holding it down since the crypto reached a high near $4,800 on Dec. 1. The crypto may find support at the trendline if it continues to fall to the area.
Ethereum has resistance above at $3,057.82 and $3,240.01 and support below at $2,890 and $2,609.02.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.