Ethereum – Chart Spotlight – Downside Target Much Lower
Here’s the Technical Skinny –
Technical Score = 0
Below downward-sloping 50, 100, and 200-day moving averages
Below its 200-day moving average since early January 2022
Oversold daily and oversold weekly and cannot rally
Still not oversold on a monthly basis, but monthly momentum is fast decelerating
Breaking support at 2000. The breakdown from the highlighted area counts to a downside target of 420. We’re using 3580 as the high of the range (early April 2022) and then we’re using 2000 as support. Please see the annotation in the chart for how we use these two numbers to derive the target.
