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Ethereum (ETHUSD) Testing 61.8% Fib Retrace of 2 Month Upchannel

Ethereum (ETHUSD) is falling more than 10% today as at the time of writing, after getting rejected Tuesday at the point ETHUSD broke below prior upchannel support (on the daily chart).  Upchannel support breaks tend to be followed by at least one attempt to break higher back into the upchannel, which offer a high probability short setup as these reclaims of prior upchannel support are often fleeting as seen with Tuesday’s rejection.  Further downside may be limited today though as the steeply downsloping daily RSI and Stochastics are deeply oversold, and may soon find a bounce.  ETHUSD is also testing the 61.8% Fib retrace of the 2 month long upchannel, suggesting potential near-term support in the next day or so.  Any bounce off the 61.8% Fib will be increasingly regarded as a dead cat bounce, likely not lasting more than several days into mid next week given the longer term bearish implication of the weekly RSI and Stochastics turning lower from overbought levels, and the weekly MACD negatively crossing.

ETHUSD (Ethereum) Weekly Technical Analysis

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