Ethereum downtrend intentionally ignores the double-bottom reversal pattern. The prevailing remains bearish based on the negative technical picture. The bearish wave across the crypto landscape on Thursday forced Ethereum through several vital levels. The consolidation above $170 became untenable with the jabs from the sellers increasing in intensity. Ether dived under $160 and extended towards $150. However, the price appears to be making a pit stop breather following the November low at $153.89. The formation of a double-bottom pattern is interpreted as an almost certain reversal signal in classic technical analysis. However, its creation is going unnoticed by Ethereum as the price maintains a downtrend. The Elliot Wave Oscillator is recording the sixth and most robust bearish session. In other words, a bullish reversal is around the corner. Besides, the Relative Strength Index (RSI) suggests that ETH is hugely oversold. A reversal above is, therefore, a formidable move that should follow the ongoing downtrend. The 50 SMA on the 4-hour chart gap below the 100 SMA shows that the trend is in the hands of the sellers at the moment. To be on the safe side, buyers must pull the price above $160 and focus on levels towards $200. ETH/USD 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/JPY remains stuck in a range, around mid-108.00s FX Street 3 years Ethereum downtrend intentionally ignores the double-bottom reversal pattern. The prevailing remains bearish based on the negative technical picture. The bearish wave across the crypto landscape on Thursday forced Ethereum through several vital levels. The consolidation above $170 became untenable with the jabs from the sellers increasing in intensity. Ether dived under $160 and extended towards $150. However, the price appears to be making a pit stop breather following the November low at $153.89. The formation of a double-bottom pattern is interpreted as an almost certain reversal signal in classic technical analysis. However, its creation is going unnoticed by Ethereum as… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
