Short-term pattern of Ethereum, suggest being bearish with Ethereum, finding acceptance under a crucial support.
Ethereum blockchain native token fell more than 8% on Monday, which was below the uptrend line connecting the lows of July and September.
A UTC was printed by Ether, close under the widely-tracked 100-day moving average having a support level of $3,900 turning into resistance.
The bearish trend was indicated by MACD (moving average convergence divergence) which fell below zero, and the below 50 reading on the daily relative strength index chart, encouraging people to sell.
Stochastics and MACD, both are on sell signals, thus indicating risk management strategies.
Support near $3,250 could be found for extended sell-off – the current level of 200-day moving average.
On the basis of the monthly MACD and long-term trend gauges Stockton believes that the broader outlook is still constructive and bullish signals can be seen.
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