ETH along with other major cryptocurrencies has taken a dip. The market overall is already bearish and so to say, ETH follows suit being the 2nd most capitalized cryptocurrency. The market has formed lower lows and lower highs and has the potential to further form another bearish leg downwards, making another lower low. 

The ascending trendline is due to be broken out for sells. Once its broken and the candles have validated the confirmation of open and close below the trendline, we will have further confirmation of the down move. 

The retracement area is in confluence with the resistance level at the 1303 level. This level is a strong foothold for the market to take a dip.

EMA 50 is bearish with a steep downward curve. This indicates a massive drop down on the bearish side.

RSI is at 44, which is the bearish region. We need to see the RSI neutralize at the 50 level, the place, where market will be aligned with the above mentioned technical factors. 

ETHEREUM seems to be dropping further

Nov 19 2022