Ethereum Reversal to the upside ? (ETHUSD) 06/09/18

Hello World,

Like BTC, ETH took a huge hit. The downside was expected and now the question is where do we go.

I will look at the Daily only today because at this point the higher degree matters more. Yes, it is possible we are looking at an incoming reversal of the ETHUSD price. The arguments in the favour of this scenario are the following:

• we are now sitting at a strong support of 220-225$ area
• we are forming a down-sloping channel in a bearish trend, maybe even a falling broadening wedge (incomplete yet)
• we are forming a bullish reversal hammer candlestick (let's see where it closes today)
• we do have a standard bullish divergence on the RSI and MACD which usually indicates reversal
• and we are oversold

All these signs point to an impending reversal of ETHUSD price action. I am not calling a complete trend reversal but most probably a nice corrective move to the upside. Watching this one closely.

Hope you enjoyed this analysis and if so, hit the follow here and on Twitter @CryptoMasque

*** Legal Disclaimer***: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.