Ethereum - More pain ahead after the bounce
Ethereum, similarly to Bitcoin, enjoys a temporary relief. However, we remain bearish as fundamental and technical factors do not force us to reassess our views. For the short-term, however, we would not be surprised to see a bit more upside as we expect many market participants to forecast the bottom and hunt for a bargain. Despite that, we think the bounce in price will be short-lived like on previous occasions. Accordingly, we stick to our 1 000 USD and 900 USD price targets.
Illustration 1.01
Illustration 1.01 shows the short-term setup for ETHUSD.
Technical analysis - daily time frame
RSI is bullish. MACD is slightly bullish but stays in bearish territory. DM+ and DM- are bullish. Overall, the daily time frame is slightly bullish; however, the trend is weak.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
Illustration 1.01 shows the short-term setup for ETHUSD.
Technical analysis - daily time frame
RSI is bullish. MACD is slightly bullish but stays in bearish territory. DM+ and DM- are bullish. Overall, the daily time frame is slightly bullish; however, the trend is weak.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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