ETHUSD has made a breakout on the daily chart which the sellers have been waiting for. Yesterday’s lowest low has been breached by intraday charts, so the price has been very bearish. In one word, this is an ideal chart for the daily traders to keep going short on ETHUSD.
Let us have a look at the daily-ETHUSD chart.
The Daily Chart
The level of 196.95 was breached explicitly by yesterday’s daily candle. Traders were eyeing on this pair either to be breached to drive the price towards the South or to be held to push the price towards the North. At last, it made a breakout towards the downside. As expected, the sellers have jumped into it and started going short. The next support may come at the level of 155.55. This offers enough space for the sellers to hold their position and grab those pips. The trend started with a double top; it may as well make a breakout at the level of 155.55. We will have to wait for that. Meanwhile, as a seller target shall be set at the level of 155.55.
Let us now have a look at the H4 chart to find out what that has to offer us.
The H4 Chart
The H4 chart’s price action suggests that it is in a hurry to go towards the next support level. Any consolidation/pullback would surely attract the sellers to ride on the potential bearish wave.
The Bottom Line
Both the H4 and the daily charts look extremely bearish. Thus, the sellers are going to dominate here for at least a week. The bull has been outplayed by the bear here. The way things have been going, the price may as well land at the level of 100.00. It is a long way to go, but it is very much on the card. In fact, it may end up making the lowest low of the year 2019.