ETH: The Bearish Signals
Reasons to Short ETH:
1. Technical Reason: RSI and sRSI Weeklies are printing hidden bear divergences
2. Additional Confluence: Looking at the Bitfinex's ETHUSDLONG and ETHUSDSHORT charts, you will know that the longs are at all time high while the shorts are close to all time lows. Trades hardly favor the heavy crowds
3. Fundamentals: After the Constantinople fork of last month, there has not been any follow-up regarding ETHEREUM. Traders have flocked to exchange coins (BNB, Huobi, for example), exchange initial offered coins (such as FET on BNB), niche platforms (ENJ for gaming), and other newer sophisticated platforms (RVN). Where does that put ETH today? Short term speaking, probably forgotten in traders' minds. Trading volume has significantly dropped off since mid-February.
Disclaimer: All ideas published by me on Trading View reflect my own opinion. These are not actual financial advices.
Follow me on Twitter: @chocolateparli1
1. Technical Reason: RSI and sRSI Weeklies are printing hidden bear divergences
2. Additional Confluence: Looking at the Bitfinex's ETHUSDLONG and ETHUSDSHORT charts, you will know that the longs are at all time high while the shorts are close to all time lows. Trades hardly favor the heavy crowds
3. Fundamentals: After the Constantinople fork of last month, there has not been any follow-up regarding ETHEREUM. Traders have flocked to exchange coins (BNB, Huobi, for example), exchange initial offered coins (such as FET on BNB), niche platforms (ENJ for gaming), and other newer sophisticated platforms (RVN). Where does that put ETH today? Short term speaking, probably forgotten in traders' minds. Trading volume has significantly dropped off since mid-February.
Disclaimer: All ideas published by me on Trading View reflect my own opinion. These are not actual financial advices.
Follow me on Twitter: @chocolateparli1
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