Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.grew to set foot in the apex region of its long-term rising wedge on the daily chart. Post reversing from the upper band of the Bollinger Bands , the king alt dipped below its 20 EMA and 50 EMA .
After swaying near the upper band of the BB for over a month, the recent selling resurgence pulled ETH below the near-term EMAs and the basis line. Any decline below the $1,603 support could be interpreted as a selling sign. In which case, the $1,500 zone near the lower band of BB could provide near-term rebounding opportunities.The Relative Strength Index fell below the midline to reflect a slight selling advantage. Traders/investors should watch for a revival towards the 50-level support to identify prospects of a bearish invalidation. A move near the midline would only reaffirm the slow-moving tendencies of the alt.
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