Ethereum Price Analysis on 4-Hour Charts is showing a very weak chart pattern. The prices could drop down to $1506 if chart pattern materializes. The chart is clearly showing downward growth in the near future(1 week).
Ethereum 4-Hour Charts has shown multiple factors that might bring down Ethereum prices to $1506 from currently $1580.
- The 4 Hour chart shows Three Black Crows chart pattern which indicates upcoming downtrend.
- The price is about to cross the 100 period Moving Average of 4-Hour period towards downside.
- RSI is getting weaker and is decreasing.
- MACD shows that a negative crossover is imminent signaling a downtrend.
Targets and Stoploss
For the above setup, it is advisable to short Ethereum with a leveraged trade. Leverage trade gives multiple returns on the same capital but are also risky. New traders are advised to not use leverage beyond 5x.
Time Period: 1 Week
Also Read: AI Token that became 10x in one month.