Technical market overview:
Since the top of the wave (b) at the level of 143.51, the ETH/USD pair is slowly dropping lower making lower lows on its way. The first technical support at the level of 134.68 has already been tested, but this is not the end of the down move as the wave (c) is still being made. The next target is seen at the level of 127.85 and this bearish bias is valid as long as the orange trendline is not violated.
Weekly Pivot Points:
WR3 - 162.50
WR2 - 153.11
WR1 - 146.18
Weekly Pivot - 134.66
WS1 - 129.36
WS2 - 120.05
WS3 - 112.99
Trading recommendations:
The bearish wave progression to the downside has still not been completed, so only sell orders should be placed as close as possible to the level of 140.89 with a target seen at the level of 134.89 and if this level is violated - at 127.85. Please notice , the trendline (marked in orange) cannot be violated, otherwise, the scenario will be updated.
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