Ethereum: These indicators encourage you to go short

highlighted why a drop below $1950 presented a bearish case in the short term. The continued decline in ETH prices over the past 24 hours highlighted the growing bearish sentiment – and presented traders with an opportunity to short the token.Bitcoin [BTC]

and Ethereum both posted large gains on 13 July but were unable to hold on to the gains. While BTC showed some hope of a bounce, the price action of ETH hinted at further losses. The first indication was its immediate withdrawal back into the month-long range . To add to the idea of seller dominance, over the past three days, Ethereum bulls were unable to hang on to the $1920 mark. This was accompanied by a sliding OBV, which showed increased selling pressure.

The RSI has stayed below the neutral 50 line since 15 July on the 2-hour chart to show bearish momentum has remained dominant in recent days. A retest of the H2 bearish order block at $1910 will offer a selling opportunity. Short traders can target range lows at $1845 to book profits. Invalidation of this idea would be a move back above the $1940 level, just above the range highs.

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