Ethereum (ETHUSD) Daily MACD Negatively Crossing

Ethereum (ETHUSD) is trying to firm after yesterday's strong profittaking brought it back below the psychologically key 4k whole figure level.  Significantly, the current weekly Doji's wide range elevates the odds that ETHUSD may finally be making its major top.  Although bears should not rule out the possibility of a final blow off top that sees ETHUSD rally towards 5k before finally seeing a sharp reversal, risk:reward for those establishing fresh longs at current levels is highly unfavourable.  The steepness of the rally extension in the prior 2 weekly candles suggests ETHUSD could quickly slide back into the upchannel (on the weekly chart).  ETHUSD's correlation to BTCUSD (on a weekly chart) continues trending lower, and is at the lowest level since November 2019.  Congratulations to longer term bulls who remained long ETHUSD or initiated ETHUSD longs after the March 2020 crash, with bullish developments profiled in the March 29th, 2020 analysis and increasing upwards momentum cited April 26th, 2020.  I am have re-initiated a small short at 3800 and am looking to add to the short in the 3900-4200 range, tentatively targeting the 3000-3500 range for the next few weeks.  Except for the weekly MACD which still slopes up, the weekly and daily RSI, Stochastics and MACD are tiring or turning down.

Ethereum (ETHUSD) Weekly/Daily

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