REDATOR Ben Graham Posted February 16 REDATOR Report Share Posted February 16 Ethereum is trading around $1,974, below the 21 SMA and the downtrend channel. ETH is under bearish pressure, having climbed above the psychological level of $2,000 over the weekend.Ethereum is expected to continue falling in the coming hours and could reach the 2/8 Murray around $1,873. It could even reach the February 5 low of around $1,730.On the H4 chart, we can see that ETH/USD has got stuck in a downtrend channel formed since early February and is likely to remain under bearish pressure in the coming days.The Eagle indicator has reached overbought levels. It is showing a negative signal; hence, ETH could continue to fall in the coming days.On the H4 chart, we can see the formation of an inverted pennant pattern, so a sharp break below $1,920 could confirm further development of the bearish trend.If there is a pullback towards the upper band of the downtrend channel, it could be seen as a good point to open short positions with targets at $1,700 or even at the 1/8 Murray around $1,515.The material has been provided by InstaForex Company - www.instaforex.com Visitante_ec15b863 1 1 Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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