As the cryptocurrency as a whole started to slide towards the downside, ETH has followed suit and is continuing to drop down. The latest, ETH has broken the support level which has now turned into a resistance. At this resistance, we will be taking a short position given the price action shows us a bearish price action eg. bearish engulfing, pinbar rejections.

The descending trendline might confluence with the resistance level and assist in the rejection of the prices once the trendline is tapped.

There is no retracement indication in this given pair.

EMA 50 is above the current price and is flat at the moment. This means, we might not see a retest as a confluence formation on the resistance level.

RSI is at 39. This needs to be neutralized at the 50 level in order for the market to align with the prices on the chart. If the neutralization takes place at the resistance level, it will be a good short for us.

Ethereum retest at 1813

May 14 2023

Stop Loss -3.31%

Holding time 13d20hr

1814.05

Entry price

1874.15

Stop loss price