Ethereum is at 1590, and has the potentail to rise back towards the resistance zone. At this moment, its at the no man's land and the market tends to be bearish to continue pushing downwards. The structure is already lower low and lower high with another bearish leg for a mark down. We are looking to short the pair at the level of 1650.

The ascending trendline has broken out for sells and the market has validated it for the bearish move. 

There retracement level of 61.8% is in confluence with the resistance level. And the continuation will continue downwards.

EMA 50 is just blanketing the price action at the resistance level and the confluence area ready for the resistance level.

RSI is at 37. It needs to potentially tap the neutralized level around 50 which is close buy and will align with the technical factors.

Ranging shorts on Ethereum

Sep 23 2023