ETH is in a range bound market from 1200 to 1000. We need to wait for the breakout on either of the sides in order to detect the market direction. If it breaks down without retracing, we will have to wait for the confirmation of the candles to close below and then retest. Ethereum like every other crypto currency and the whole market has taken a dump. With this, the market has taken a bearish turn and is forming lower lows and lower highs, which validates the bearish structure. This being said, we will be looking to short the market from 1200 towards the support level and target the profits at $600.

The descending trendline is being retested by the prices and is being rejected. This rejection would add as a technical bearish confirmation on the price action. Although this rejection is below the resistance, we are still taking the trade based on the risk reward.

The retracement golden level aligns completely with the resistance level. This 75% level will play out for the bearish side and continue towards the $600.

Both the EMA's are bearish with a bearish death cross. This ema break needs to retest the EMA at the resistance level. This retest will reject the market and start moving towards the bearish side. The EMA 50 is at resistance and will need to confluence with the resistance level in order for the market to have three technical factors.

RSI is at 66 and CCI is at 140. Both of these levels are in the bullish region and heading towards the over bought area. We can also see the bearish divergence form at the resistance area where other technical factors would be aligned as well. 

Ethereum still looks short

Jun 25 2022