Ethereum is in a downtrend and has the potential to further move down. We will be waiting for the 1685 resistance level which is also a supply zone. The trend is bearish and the market is forming lower lows and lower highs. We will be taking the short position till the support level.

The descending trendline has another opportunity to tap the resistance level where the prices can alter and reject. The breakout sells have already taken place earlier.

The retracement level of 61.8% and the resistance level, have both been confluence.

The EMA 50 is also bearish and has the potential to tap for the rejection. That being said, we can also see that the EMA is moving downwards in a steep curve. The prices may or may not tap the resistance level.

RSI is at 31. This is the bearish zone and the window towards the over sold region is just a few points away. We will need to wait for the market to neutralize at the 50 region. And then, check the confluence of multiple technical factors.

Still waiting on ETH

Oct 08 2022