Technical Observation

Ether’ is currently trading with an increasing bearish momentum. Since the beginning of this year, Ether’ has shaded of almost eighty percent the value it gained last year. I expect a steady weakening in value and may break below $325.00 towards somewhere below $50.21. This is likely to be the case since, since the beginning of the year, the price of ETH has remained below the three Simple moving averages (14, 52, 152). Any attempts to break above them has failed almost immediately after every attempt. As it is on the hourly chart attached, I advise looking for short positions with your take profits being $124.21. On the way to the lower side, the key lines to look for include $327.50, $254.56, $152.3 and 124.21.

Trade Signal.

Short ETH now towards $124.21