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 1725. 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. We will be looking to buy at 1660.

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 56. It needs to to fall into the over sold region where we can set up and align with the support level on the technical area.

Retest and buy on ETHEREUM

Jun 18 2023