On low timeframe (LTF) charts, Ethereum (ETH) has broken down from what was looking like a bullish ascending triangle attempt at a break up. The leading altcoin is now sent back down on the ETH/BTC chart for another round of bottom-finding - with a third retest of the local bottom possible.
We start on the 4-hour to get a picture. We see that what looked like an ascending triangle, a bullish pattern anticipating a break up, has instead broken down after seeing no support at the critical moment.
Curiously, we see that the failure came on almost no volume, as well: this paints a picture not of ambivalence but of apathy in the market. With the MACD sliding back to the downside, it looks like ETH/BTC could easily retest the main local support around ₿0.0176.
Stepping back to the daily chart, we see that the local support has been formed by price lows already. Price is already trending below support levels not breached for over two years, and the ETH/BTC markets have been looking for bottom for months now. This exercise is clearly not over. Read More at CryptoGlobe...