๐ฅ Ethereum Capitulated: It's Looking Bad
Just a couple of days ago I made an analysis on ETH and shared my bearish expectations for the near term. ETH fell much harder and faster than I initially expected, congratulations if you took the trade.
With both target areas reached, it's time to look at the coming weeks. As seen on the chart, the daily RSI is hitting oversold levels which haven't been seen in around 4 years, so I see a decent probability for a bounce. Furthermore, $1000 is a round number, which typically offers above average support / resistance.
In case of a bounce, I'd be looking at $1300 as a strong resistance area. This will most likely cause another leg down.
On the other case, if tonight's FED meeting will cause a bearish reaction we can easily fall through $1000 and continue the bear trend. In that case, my longer-term target would be $500. I'd be very surprised if ETH will fall below $500 this bear market. But you never know..
With both target areas reached, it's time to look at the coming weeks. As seen on the chart, the daily RSI is hitting oversold levels which haven't been seen in around 4 years, so I see a decent probability for a bounce. Furthermore, $1000 is a round number, which typically offers above average support / resistance.
In case of a bounce, I'd be looking at $1300 as a strong resistance area. This will most likely cause another leg down.
On the other case, if tonight's FED meeting will cause a bearish reaction we can easily fall through $1000 and continue the bear trend. In that case, my longer-term target would be $500. I'd be very surprised if ETH will fall below $500 this bear market. But you never know..
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