On the hourly timeframe, the sellers’ stronghold is positioned above Ethereum.
It is expected that price will gradually and choppily move with low volume toward the red zone, and then drop downward toward the specified targets.
In fact, from the bottom where we marked the red arrow, an ABC corrective structure to the upside can be observed.
The bearish trend has been strong, and for a proper recovery on higher timeframes such as the daily chart, multiple swing highs and lows need to form within a neutral range.
In the red zone, we are looking for sell/short positions.
A 4 hour candle close above the invalidation level will invalidate this bearish hourly outlook for Ethereum.
If you have a symbol you want analyzed, first hit the like button and then comment its name so I can review it for you.
Do you also think Ethereum is bearish?

Source link