ETHEREUM shorts from resistance
Vasl Capital
ETHUSD·
Jul 17 2022
1
ETH is in a range bound market as other cryptocurrencies. Technically on H4, the market structure is in a down trend with formation of lower lows and lower highs. That being said, we will be shorting the ETH from the resistance level at the price of 1260. The profit target will be at the bottom support at the price of $1000.
As on BITCOIN, ETH has no representation of the trendline and the golden retracement area. Therefore, we will not be making the
Narrowing down to the EMA 50, we can easily see that the EMA is in a bearish direction. This indicates that the downward momentum is still continuing. At the resistance level, we may or may not see the rejection off the EMA 50. If the rejection takes place, only then we will have a confluence of the level.
RSI is an over bought region. 70 level is the over bought area where market is currently hovering. With this, we also see a hidden bearish divergence with the RSI and prices. Being at the resistance, we will have a bearish momentum contiuation with confluence at the resistance level.
CONCLUSION: BEARISH