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Cryptocurrency
by Seth Parker on September 12, 2018

Ethereum Analysis – Bearish masterpiece!

Wednesday starts with the analysis of the Ethereum, which in the past few months is rather in a tragic situation. Previously, we analysed this instrument on the 14th of August and our outlook was bearish, even despite the title ‘to the moon’ , which was obviously a joke:

„The recent drop is so strong that some kind of reversal and a pull-back is needed but the overall long-term sentiment remains negative and the ETH should be much weaker in the next few months. „

Ethereum Chart

Back in that day, one ETH costed 260 USD. Now, the price is on the 175 USD and we are 5% lower than yesterday. What about this correction part? That was a masterpiece! Straight after those words were written, ETH went higher touching 318 USD. Crypto entered the correction stage and drew a pennant (blue lines). Pennant obviously resulted with the breakout of the lower line of this pattern and here we are..on the long-term lows.

The target for now is around the 140 USD, so the important levels from May and July 2017. Chances that we will get there are quite high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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