ETHEREUM at the support level of 1520
Vasl Capital
ETHUSD·
Feb 11 2023
Stop Loss -3.84%
Holding time 21hr
1527.95
Entry price
1586.65
Stop loss price
Ethereum is at the support level which has now been broken out and formed a resistance level. From this resistance level, the market will form a bearish engulfing or pinbar candle from where, it can further go bearish towards the support level. Market has formed a lower low and lower high and is on the way towards the lower low.
The ascending trendline has broken out for sells and has been validated. The support has been broken out and with the trendline validation, we can see the further decline of the crypto currency.
There is no retracement indication on the pair.
EMA 50 is above the market price and the market has the potential to tap the resistance level from the current market price.
RSI is at 24. This needs to be neutralized at the 50 level and can head towards the over sold region once the market breaks down with the engulfing candle from the resistance.
CONCLUSION: BEARISH