Ethereum has long been very vulnerable and is on the verge of a downtrend. If you expand the price action around the EMA of 21 days, you will notice how the price remained against the rejection to exceed that level.
Even before that, the price had judgments to exceed the 21-day EMA and considering that the cryptocurrency market is prepared for a sharp decline in current levels, this movement was unusual, to say least. That said, you have now tested the top of the descending channel in which it has been operating and is now ready to decline. Short term, we could see it rise to $ 218.75 before it decreases, but it is extremely unlikely (at least for me) to overcome that strong resistance.
If we see the daily chart of ETH / USD shows that the price increased directly to through the 21-day EMA, the 50-day EMA and then the 200-day EMA without a Single red candle in the middle. If we observe the price action in the periods of smaller time, we can see that the way the price moved was nothing less than manipulation. There were lateral movements followed by bombs instead of real business interests that would be displayed in the form of highs higher and minimum higher in the graph instead of a single large candle that drives the highest price multiple times. Now that this movement is has completed, operators have two options. If he is a bass player, he expects the price decrease within this descending channel to resume its trend bearish and if optimistic, expect the price to break this descending channel to start another uptrend.
We see in the daily ETH / BTC chart that the price has now been found with strong resistance. Ethereum won't have to decide if it can start an upward cycle at this point or not. If the price ends up overcoming the resistance of 24,820 satoshis, we would have the confirmation that ETH / BTC has entered a bullish trend. So far, the chances of declining levels current ones are very high compared to the chances of resuming the recent uptrend.
Both the Ethereum and Bitcoin domain are in key inflection points and the next few days will be critical for the direction of the market. A great movement is coming and soon we will see what it is. Being a bear in Ethereum (ETH) and other cryptocurrencies, I think the next big movement will be the beginning of another downward trend in Ethereum and the rest of the altcoin market because, in my opinion, this bear market is far decide. Even if we put aside the technical aspects for a moment, those of you who have been present during the previous bear market could relate that this is not what it feels like when the market ends bass guitarist. You will hear more of “Ethereum goes to zero, the alternative currencies are a scam ”before that happens.
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