ETH: Dangerous Trading Range – ThanksGiving Special
Nouvive & Intelligence has seen ETH sentiment and value dissipate. It is no longer positively correlated to the ERC20 Tokens that it creates. Nonetheless, it creates an excellent trading opportunity and investment one at its current levels that appear to be going down to Double Digit figures.
What does the 6H Technical Analysis say?
- The 15MA appears to be fast approaching – this is historically an area of resistance. Within the next 12 hours it will be towering over ETH at $139. IT IS MORE THAN UNLIKELY ETH WILL BE ABLE TO SURPASS IT IN THE NEXT 3 DAYS.
- The current resistance lies at $137. XX – this is the area where ETH touches upon before falling more than 3.4% on average. It is more than likely that this will occur again.
- There is a rising wedge on Ethereum, that appears a fall below $130 would see ETH retest $120/122.
- A touch of $137 would see the RSI Stochastic crossover and signal an OVERSOLD position.
- HOWEVER, the MACD has signalled for the first time in a while for ETH to increase – this is something that Nouvive will update during the day and on our social media links.
What does the 2H Technical Analysis Say?
- ETH has touched the 15 Moving Average and on lower time frames fallen below the rising wedge.
- A close on the lower time frames, namely the 2H below $130.20 would illustrate that ETH is bound to retest $120/122.
- The RSI Stochastic will be crossing-over shortly illustrating a fall.
- The MACD crossover too will be crossing over illustrating a fall.
Nouvive sees a short position from $137 to $122 with a short also from $133.
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