Ethereum: Bullish/Bearish Indicators are redundant, what about Positive Negative Positions
CACM Global released statistics illustrating that Bitcoin and Ethereum has been in the same range pattern for the past 3-4 Months.
Such is the case for Ethereum who has been stuck the same range for close to a Month. A month is a long time in Crypto-Assets.
Nonetheless, based on the behaviour of Bitcoin, it can be seen that Ethereum will fall, especially if it is unable to close above $279.
As can be seen by the Chart below, there are Higher lows, Lower Lows on the Higher time frame.
Each time Ethereum retests the trend line, it decreases by 11%
What will Happen today?
The dumps by Ethereum cannot be explained, especially considering there is bullish Market sentiment.
Nonetheless, the technical indicators have illustrated that each time Ethereum hits the trend line in Gold, it is firmly rejected causing an 11% decrease.
As can also be seen by the chart, all the way up to $300, there are a lot of shorts ready to be triggered. However, as Ethereum decreases from $264 to $252, there are a lot of buys or longs.
The RSI Stochastic illustrates that Ethereum is on its way down again, representative of the fractal that we last saw on the 21st of August at 3am.
Nouvive recommends a SELL.
See the levels below: