ETH: Running Triangle. Time to go lower.

On lower timeframes the sentiment is Bearish .

Here we can spot a couple of signals that give credence to this bias:

• The formation and execution of a Running Triangle (white ABCDE Triangle Wave).
• Bearish hidden divergence on the RSI and MACD (yellow lines).
• The EMA 10 (baby blue) and MA 20 (yellow) crossing the MA 50 (magenta) from above.

Should it be confirmed, ETH's price might observe further losses towards the 1600$ range.

Notes on Running Triangles (Correction Waves)

Time and time again some Technical Analysts question the validity of this formation when wave ((e)) doesn't test the triangle's upper (bearish) or lower (bullish) side.

Since this is often the case, as well as wave ((b)) being longer than ((a)), we stick to the rule of Dwindling Waves for validation checks and treat the formation structure of ((e)) as a herald to the formation's conclusion.