Ethereum (ETH) Might Shift to a Downtrend Soon

October 15, 2019 By: Lorenzo Stroe

Ethereum has been a pretty strong cryptocurrency after the recent crash, however, the bulls seem to be losing steam. The daily uptrend is still in place, unfortunately, the bulls are seeing a lack of momentum.

The bears are looking to break below the last low of $177.27. This would result in a similar situation as Litecoin which broke the daily uptrend. Fortunately for the bulls, the EMAs are bot lost just yet as they are currently defending them. A loss of the EMAs would give the bears significant strength in the short term.

The 4-hour chart is also not yet in a downtrend but it’s getting close. The bulls need to defend $180.90 to maintain the uptrend.

The weekly chart is not in a bear flag but the bulls did get rejected from the 12-period EMA once. If the daily uptrend is broken, the bulls will be looking to set a higher low compared to $152 on the weekly chart and create a nice equilibrium pattern.

The monthly chart is waiting for the weekly to change the trend in order to confirm a higher low compared to $80.60. The bulls would love to break above the EMAs but will be really hard unless the weekly chart shifts in favor of the bulls.

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