#ETHEREUM $ETH : Weekly Analysis 05.06.2021

The weekly $ETH candle failed to form a bottom. This is the main message and let’s explore the different charts from the multiple angles.

Monthly
The High-Wave Doji is supported by overbought RSI and MACD at All Time High. The only way from there is down. We might see some price spikes at the beginning of June, but I am expecting that the bearish pressure takes its tall very soon. There are still 25 days before June’s closure.
Odds: Bearish

Weekly
The previous week, the Tower Top was confirmed and the price stayed below 8 EMA. This week, the rally was not sufficient to confirm a bottom and the candle closed right on the 8 EMA line.
Note that despite the green candle, the MACD managed to form a cross and the histogram moved below 0. This and few other indicators confirm a substantial bearish pressure on the weekly time frame.
Odds: Bearish

Daily
Friday’s Bearish Engulfing was confirmed today and price closed below the 8 EMA line for the first time in 5 days. I view it as a significant event for the day of the weekly cut-off.
Odds: Bearish

Classical Pattern: Triangle/Pennant

There is a chance that $ETH, like $BTC, continues with a triangle/pennant pattern. Above is the possible path for an extended triangle.

Forecast:

The weekly suggests that $ETH could try to form a bottom and hit as high as 2910. However, until it closes the week above 2910, there would be no bottom formed. Based on the daily, there are two strong resistances at ~2740 and ~2910. Until ETH closes assertively above these lines, the bearish pressure continues.

On May 16 I did “expect a min retrace of 23-38% (3350-2700). Probability of a deeper one – 50-62% (2200-1700) is rather high.” So far, the forecast stands.

NOTE: If ETH breaks below 1423.20, there is a chance of triple-digit price in the nearest future. The odds are still slim, but be aware.

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Previous Weekly:

Previous Monthly:

The call on May 16:

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