Ethereum (ETHUSD) Analysis and Forecast (Thu, Oct 4th, 2018): Struggle to escape the bearish market

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Ethereum is expected to reach the neckline of its H&S pattern for the 3rd time.

Yesterday, Ethereum witnessed a steep decline which pierced the upward trendline from above. This fall also broke the support of $221 and led the price to hit the neckline of the Head & Shoulders pattern. Earlier today, the price retested this area for the 2nd time after a short time of consolidating.

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Ethereum (ETHUSD) H4 chart on October 4th, 2018

In a smaller time frame, Ethereum has created a Double Bottoms pattern on its price chart. The price has crawled back from the 2nd valley and has been hovering around the green upsloping line. Meanwhile, a hidden bearish divergence has been found on the price chart of Ethereum. The price is making lower highs, while the Relative Strength Index - RSI (14) - is continuously registering high lows. The performance of the Double Bottoms patterns seems to be fading away and rooms left for consecutive descending candlesticks. Ethereum is forecast to drop back to hit the neckline for the third time. Afterwards, a bounce off from this territory will happen.

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Ethereum (ETHUSD) H1 chart on October 4th, 2018

Written by nami.today

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