Mixed Charts For Ethereum
Ethereum is providing a great example of the importance of looking at all time frames, with the Daily chart offering some possible bullishness, but the other 2 time frames I'll be looking at - the 4 hour and weekly - not looking too promising.
4 Hour
The 4 hour chart looks pretty bearish right now, with the RSI below the 50 level, but the MACD looks like it could perhaps head back in the bulls favor.
Support at $473 has held nicely, and there's also another level just below that at around $461 that might not be tested yet because...
Daily
The daily chart is showing an oversold RSI right now, so on this particular time-frame there could be some bullishness. (If you can call an oversold bounce bullish). The MACD is also bearish on the daily chart too.
So the daily chart might be showing some positive signs, but there's another but, this:
Weekly
The weekly chart still looks bearish. The MACD is still correcting and on the bear side, and the RSI is below the 50 level showing some minor weakness.
Below the 2 key levels mentioned above, the next major support zone is at around $347.
Summary
Will it drop to the $350-ish level? It's certainly possible. But there could/should be an oversold bounce first at the very least.
Please remember; I'm still learning and I could be very wrong! Being an ETH holder; I'm also hoping the bulls return. But we'll see what happens!
Thanks for viewing!
Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy
Not intended as investment, financial, or trading advice. For entertainment purposes only.
Honestly at this point all that matters is what's BTC doing. Some alts will stray a few % in either direction, or ones with news catalysts can stray a large %, but during these times it's just everything moving up/down with the king...unfortunately.
Very true @cryptotraderspro! I'd like to see more coins break away from Bitcoin, but it doesn't seem to be happening. Even if they do, they seem to give those gains back it seems, like Tron and EOS recently. :-(
100% right, those days we see a big gainer like TRX and EOS, you can almost be sure they will be one of the bigger losers in the coming days. Liking the recovery happening though, I'm in a long position in EOS that's slightly in the red so let's keep the bulls running!
Haha I basically stopped looking at the shorter charts since they can't make up their minds and are so damn inconsistent.
Haha! I think that might be a wise move @exxodus. :-P