Ethereum (ETH/USD) is showing bearish momentum when taking into account the bearish candlesticks and HMA. But the ECS fractals are indicating that the overall trend is still up (green fractal). What’s next?
The long-term moving average remains bullish as well and could act as a bouncing spot if price manages to break below the Fibs. For the moment price is testing the deepest Fibonacci level on the chart, which is the 88.6% Fib and a key bounce or break spot.
ETH/USD is trending lower in a strong downtrend channel. A break above that channel could indicate a larger retracement whereas any uptrend would need to break above the 50% again. A bearish break could extend the bearish correction on the weekly chart.