Blocksmith Says: ETH Fails at Resistence, Set to Fall Further

2 August 2022

ETH has been moving up in an overall choppy advance from 19 June (albeit super speedy at times yielding a 100% move).   The overlapping nature of the price waves makes the move suspect as the first sub divisions of an even larger move.  It is therefore more likely a countertrend correction.

What we see now is price challenging and potentially failing at key resistance.  Essentially this is the price level that stopped the move down on 12 May at 1705 and then again on 28 May. This level gave way on 11 June when price collapsed down through it.  The level is therefore meaningful and has stalled the recent advance on failing uptrend power (see RSI bear divergence in sub window).  

The preferred view for both Bitcoin and Ethereum is a downside leg to continue the broader downtrend.

Blockhead Team
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