ETHUSD chart is looking bearish with a Descending triangle formation on the daily chart. This formation is indicating that currently there is little demand for this asset.
The TD-Sequential indicator is also suggesting another 1-3 day of bearish trend.
Descending triangles have a high probability of breaking downward, however, pragmatically ETHUSD will not break down unless BTC retraces as well.
Since BTC is bullish, a short here is risky. The conservative approach is to stay out of trading ETHUSD and re-evalute after next daily candle closes.
The TD-Sequential indicator is also suggesting another 1-3 day of bearish trend.
Descending triangles have a high probability of breaking downward, however, pragmatically ETHUSD will not break down unless BTC retraces as well.
Since BTC is bullish, a short here is risky. The conservative approach is to stay out of trading ETHUSD and re-evalute after next daily candle closes.