Yesterday we talked about Ethereum and how a big move was ahead. Today we have seen that big move and it was a bearish break of the daily equilibrium pattern. Bitcoin has also experienced a bear break and it seems that most coins have followed suit.
The bearish break is at -8.5% so far, certainly a significant move. The question now is, will the bears see continuation after this move or will the bulls push the price back up?
Clearly the daily chart is looking rough for Ethereum and the bulls will need a lot of work in order to restore a daily uptrend. The weekly chart is also in pretty bad shape, the bulls haven’t been able to see any sort of continuation after a few bullish weekly candlesticks.
At this point the last hope for the bulls is the monthly chart, however, even that seems to be in danger and the low at $80.6 doesn’t seem that far away now.
The move basically happened within 20 minutes, the 15-minute chart is showing a huge red candlestick and what seems to be a bear flag. The hourly and 4-hour charts are both overextended in terms of the RSI but this doesn’t mean we will see a recovery from here.