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Technical market overview:
The ETH/USD pair has made a Shooting Star candlestick pattern with a top at the level of 125.74 USD and since then the marekt is slowly deteriorating towards the techncial support at the level of 118.01. Any violation of this level will lead to another slide down towards the lower support levels and this scenario is in line with the current Elliott Wave Principle point of view as the wave (a) of the wave C must be unfolded soon.
The key technical support for the longer-term traders is still the zone between the levels of 108.46 - 110.33 and as long as this zone is not cleary violated the sell-off will not accelerate and the swing low at the level of 98.49 will not be tested.
Please notice the bearish divergence between the price and the momentum indicator that support the short-term bearish outlook. The nearest technical support is seen at the level of 114 USD and 116.15 USD.
Weekly Pivot Points:
WR3 - 149.94
WR2 - 135.39
WR1 - 127.42
Weekly Pivot - 112.16
WS1 - 105.12
WS2 - 90.45
WS3 - 82.23
Trading recommendations:
No buy orders should be opened at the current price levels. Only the sell orders should be opened as close as possible to the level of 120.81 - 124.10 with a protective stop loss placed above the level of 127.59 The first target for shorts is seen at the levels of 118.01 and 116.15. The second target is technical support at the level of 114.00 and 112.15.
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