Ethereum (ETH) has trended down since mid-February, even before COVID-19 started to batter global markets. But what began as a healthy correction eventually became a full rout for Ethereum, and more damage was done to the HTF charts than seems possible to repair. We are not seeing any major signs of that repair, here.
We start on the weekly ETH/Bitcoin chart, and see that Ethereum has lost all important levels: all of the EMAs and the 2019 ‘capitulation line’. The RSI has been beaten to submission under the 50% line, and the histogram is trending down with no sign of respite yet.
We have, however, been seeing some healthy defense wicks for the last two weeks of price action, and if the 8 EMA can be defended above the 21 we could see a bottom start laid.
Coming in to the 2-day ETH/Bitcoin chart, things look a bit better with the histogram trending smoothly up into a bullish EMA contraction.