 ETH Diverges from Bitcoin: Is a 20% Downside Imminent?
2024-11-05

Currently, many altcoins, including   Cardano, XRP, and Ethereum, are   showing strong bearish signals . Using a straightforward indicator like the 200-day EMA on the daily timeframe, we can see that most of these coins are trending below this line, highlighting a consistent bearish bias.

Altcoins often follow similar trends, moving together with the overall market sentiment. With this in mind, we're screening for the best potential setup based on technical indicators.  Out of all, we’re zeroing in on  BINANCE:ETHUSDT  which we believe presents the strongest opportunity right now. Let's dive deeper into its technicals.

With ETH/USDT in focus, the technical indicators reveal a clear bearish setup. The price is currently trading below a well-defined bearish trendline and the 200-day EMA, signaling sustained downside pressure. This bearish outlook is further reinforced by a Rising Wedge breakout, while a bearish MACD crossover highlights strengthening momentum in favor of the bears.

Given these aligned signals, there’s a high probability of a continued downward trend.  Our first target sits at 2015.82 . From there, we may see a brief pullback into the green zone before ETH/USDT resumes its decline, potentially reaching  the second target at 1834.62.
 

This outlook remains valid as long as the price holds below the stop-loss level at 2773.05

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 Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Ethereum. 

