Conclusion for today’s Ethereum Analysis:
Price breaking below ~177.65 implies continuation of the current downtrend in Ethereum.
Ethereum analysis for today is carried out on an intraday (4 hour) timeframe candlestick chart that focuses on price action since the last week of June of current date.
A head and shoulders top pattern (ideally bearish) that confirmed on a break below its neckline did provide a topping action in Ethereum with lower prices following afterwards.
The 50 moving average also crossing below the 200 moving average on July 14, 2019 did provide additional bearish bias favoring lower Ethereum price.
Signs of bearish hesitation are indicated on the chart by horizontal green lines which mark an area of support for Ethereum price. A price low of 163.62 was achieved on August 29, 2019, while a second attempt at pushing price lower only reached the 165 price level (September 06, 2019).
The implication therefore of price holding at support favors a bullish momentum to the upside. Also worthy of note is the current action of the moving averages which shows the 50 moving average attempting to cross back above the 200 moving average (since its July 14, 2019 cross below).
A successful completion of a cross will provide additional bullish momentum and argue therefore against selling Ethereum. A close below ~177.65 poses a challenge to the bullish analysis for Ethereum and rather suggests a possible resumption of the current downtrend in Ethereum price.
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