the daily chartist

Ethereum signals further downfall

published 1 year ago
ETH Daily

 ETH as with any other cryptocurrency currently continues to lose its value as time goes by and slowly everyone's dreams for getting filthy rich is being destroyed. This time I am looking at Ethereum and the picture isn't that good. Currently, since 06.05.2018 the currency is in freefall as each impulse is followed by a short sideways move (a correction). We are now in such a corrective move after the price landed at 165.98 on 12.09.2018 and gave some fresh air for the Bulls to push the price higher. Now the price is under pressure again and it has reached the bottom line of the bearish flag formation. I have charted the eventual move from ETH in the short - term period. As you can clearly see the forecast is again for ETH to resume its move down towards 165.98 test it and if successful again a move up again to follow for a more stable level. The stochastic indicator has already provided a sell signal and CCI is catching up as well. Its a matter of time before the price lands firmly on the line and breach it. If the scenario is right, you can wait it out and find a better buying opportunity on the bottom for the near - term resolution. I would recommend a SL under 165.98 at 145.40. Of course, you can decide your own SL accordingly with consistency with your risk and money management.  With this TP and SL it is 2:1 profit/loss ratio. If you want to get into selling to catch the breach as well you can aggressively sell now with TP at 165.98 and SL at 240 which is going to be 2:1 reward/risk as well.