As the cryptocurrency as a whole started to slide towards the downside, ETH has followed suit and is continuing to drop down. ETH is approaching the resistance level priced at 1850. 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 setup. 

EMA 50 is above the current price and is flat at the moment. Right now, the EMA 50 is blanketing and retesting the EMA at the resistance level, forming a confluence.

RSI is at 43. It needs to retest the 50 level in order to neutralize itself and align with the technical factors.

Ethereum another short positions

Jun 11 2023