ETHEREUM has been in a downward move, capturing the bearish trend, with the formation of lower lows and lower highs. Recently, it just broke the support level at the price of 1475, which has now turned into a resistance level. We are looking at this level for a continuation towards the bearish side. 

The ascending trendline needs to be retested at the resistance level, which needs to be dwelled with the rejection of the price action.

There is no retracement indication in this particular setup.

The EMA 50 is bearish, with a steep curve downwards. We need to assure the market being retested at the resistance level with the flow of EMA 50 being in confluence with the trendline and the resistance.

RSI is 26. It needs to neutralize at the 50 level as the market is at the over sold region and needs to bounce up towards the neutralized zone. 

Simple break and retest on ETH

Mar 12 2023