Ethereum | Multiple Timeframes

13 Şub 2022

First, we have Ethereum (ETHUSD) on the daily timeframe.

This is how things are looking based on candlestick reading:

The bigger trend is down, so whenever you see a pullback/bounce, you can use it to sell.

Here is the bigger trend:

Let's have a look at the weekly chart:

Notice the hammer with a negative nine (-9), a reversal signal but resistance is met right at EMA10.

Now we have a bearish/red candle this week with prices moving below EMA50.

The EMA50 detail is very important.
This indicator is sitting right now at $2954, trading below it is always bearish.

The weekly candle closes in less than 8 hours.
Closing below EMA50 can signal that prices will drop.

Conditions for change
Seeing ETHUSD trading above the bigger trend line would favor the bulls.

Wishing you a nice Sunday.

Namaste.