ETH Back to $59: Insider Information?
- A close below $197 this week will represent danger for ETH
- More than 1,300,000 ETH has been taken off Exchanges explaining uncertainty in the market
- Low Retail Investor volume
- OBV illustrating a drop could see below $189 again.
A close this week below $178 will represent a break from the Higher High and Lower Lows seen over the past 3 Weeks. Over the past 4 days, we have seen a Lower Highs and Lower Lows illustrating a bearish downturn.
What does the Technical Analysis Show?
- On the 1W HTF, there is a consistent Higher High and Lower High. A close below $178 on Sunday would represent a revisit to $169 to retest the support last seen in the Middle of September
- On the 1D Higher Time frame, there has been a rejection of the 15MA at $202, where it attempted to test it twice, before falling to lows of $197.
- An increase of Sell Side on all Time frames.
- On the lower time frames, it appears that there is a lot of sells at $200 – if ETH goes there, it will fill the gap at $201 before bouncing down.
- OBV Decreasing.
More so, the biggest holders in ETH as can be seen in the link attached illustrates that 1,100,000 Ethereum has been transferred into cold storage wallets.
Could this be used as insider information to deduce that an ETH drop is coming?
Nouvive recommends a short from $201, with a stop loss at $203 and a take profit at $189.
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