Ethereum has broken through its neckline to the upside in the wake of bitcoin's movement but it has broken to the downside on no volume which is still a valid break because topping patterns do not need volume and Ethereum has and will collapse on the weight of itself, this is an unfortunate event and it is extremely like that it will continue a downtrend especially since Bitcoin dominance is rising. In fact, most alt coins would be questionable investments at the moment. I suspect with each movement down in bitcoin, a movement down in Ethereum will occur, but there will not be the same movements up to negate it, in addition, Ethereum may not have as strong of supports as bitcoin will since capital is slowly shifting over.
Key Points:
1.) Ethereum has broken through the neckline of its inverse head and shoulders to the downside due to no buying power.
2.) It will most likely be one of the first coin to diverge from bitcoin as a bitcoin season is on the horizon.
Previous Analysis:
Key Points:
1.) Ethereum has broken through the neckline of its inverse head and shoulders to the downside due to no buying power.
2.) It will most likely be one of the first coin to diverge from bitcoin as a bitcoin season is on the horizon.
Previous Analysis:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.