$ETH continues to be under bearish pressure on monthly/weekly/daily time frames. The candles signal a continued decline, however, the shape is not clear yet. Let’s explore hte hypothesis from the different angles.
RSI accelerates down and MACD histogram moved a notch below the May’s bar. The PSAR could flip bearish if price moves down another 30-40 points. These are rather alarming signs in the second half of the month.
The weekly candle looks like used all upside allowances for the week and has a good chance to close as a red candle. If it closes below 20 EMA line, ~$2206, it would reinforce the bearish odds that are already strong and supported by indicators. Let’s see how ETH closes on Saturday.
After a Tower Top the price moved below 8 EMA and below 100 MA lines and stayed there the whole day today.
The shape of the wave is not clear. It could be an extended triangle or could be the first move down shaped as a leading diagonal. I hope that the next two days will provide enough data for calculating the targets.
ETH remains under significant bearish pressure on all frames. So far, no candle indicated a possible bullish reversal.
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The call on May 16: