ETH analysis – risk of double peak?
2 min readETH was within reach of a new historical high, but at the last moment there was a rebound. Therefore, as on BTC, we have a potential double peak. But it has not been decided at all yet and I would wait at least for the weekly closing price of the spot market.
Current situation at 1D ETH / USD
As mentioned in the introduction, ETH has almost reached a new historical high. However, only a few tens of dollars failed. Although the previous price action was commendable, this failure does not look good in the chart.
As for the structure of the market, we reflect the potential in the chart at the current all-time high double top. It’s a turnover structure, so nothing positive. On the other hand, as long as the course is close to the current ATH, it is really just an option that may not be fulfilled at all. But for that to be final, ETH must break to new historical highs. It can’t be done without it.
The mere rejection in price expansion does not look very nice. This is the exact type of candles that I don’t have at all, and I derisively call them a double dildo. On the other hand, thanks to that lower wick, we know that the S / R level of 3,856 USD saved ETH from a deeper decline. So, perhaps, we will soon see a renewed effort to subdue ATH.
In any case, ETH has a number of supports on its side that the market can use. However, this is nothing more than the direction of BTC. The king simply has to move forward, otherwise the altcoins will remain in place.
Indicators
The market progress at RSI stopped at the borderline of 70 points. Here the reaction is usually expected. Unfortunately, there are a number of divergences on the MACD histogram. In addition, the momentum upwards is not dizzying.
