Scott Melker predicts Ethereum retracement amid bearish divergence
@scottmelker: Melker foresees Ethereum retracement
Scott Melker, a prominent cryptocurrency analyst, anticipates a further retracement for Ethereum (ETH) following the formation of a local top. Melker highlights the presence of overbought bearish divergence on most timeframes, ranging from the daily down to the 6-hour chart.
His analysis suggests a potential decrease in Ethereum's value, a point of interest for traders monitoring technical indicators. The bearish divergence indicates that despite recent price highs, momentum is weakening, which could foreshadow a decline in price.
Melker, known for his insightful market analysis, continues to provide valuable perspectives on cryptocurrency trends, offering guidance to his substantial Twitter following. This potential retracement signals a need for caution among investors considering further changes in the ETH market.
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In the previous news, tweet author Scott Melker discussed Coinbase's continued growth in cryptocurrency adoption.
