Blocksmith Says: ETH to Bottom Very Soon

25 November 2022

I have dropped down to an hourly chart of ETH. The price path is starting to look impulsive to the downside, despite US Dollar weakness – I still expect a bottom very soon which implies macro regime change and crypto bearish. ETH was strongly rejected at key resistance yesterday and is starting to cascade lower. There has a been a failed retest higher and negative reversal in RSI (hourly) – price down, RSI up, poor ease of movement higher. Keep looking down near term.

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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