06.05.202215:37 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Ethereum.

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Ethereum is trading around $2,660 making new lower lows for April. Price is trading below the Ichimoku cloud (Kumo) and this confirms that we are in a bearish trend. Price has tested the cloud resistance over the last two sessions but got rejected.

Price is also below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is about to break below the cloud support, while it continues staying below the candlestick pattern. All signs confirm bears are in control of the trend and price remains vulnerable to more downside. Bulls will need to recapture $2,950 in order to hope for a reversal in trend.

Alexandros Yfantis
Analytical expert of InstaForex
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