Ethereum (ETH) Price Update: Reaction to Bitcoin's Failed Breakout Attempt

Hi guys!

Here are my thoughts on ethereum for today.

ETH - Daily Chart

Tools used: Stochastic RSI, Ichimoku Cloud, Fib-Channel and Trendlines

Because bitcoin failed breaking through yesterday, ethereum also had quite a small pullback. Notice that stoch RSI on ethereum is also signalling a downtrend just like on bitcoin chart (you can check my post on bitcoin).

Also note that the daily volume on ethereum is slowly decreasing. I think in the next few days ethereum most likely will just consolidate around this support and resistance price area. But any sudden movement on bitcoin price would affect ethereum so better keep eyes close on bitcoin.

Disclaimer

You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!