Curious how Ethereum is doing? Today our analyst analyzes the ETH charts and tells you what to expect.
Ethereum day chart
As you can see, the decline our analyst predicted has happened. However, it went with a bit more force than expected. The price is nicely captured in the order block that has confluence with the ema55. For now, this area seems to be holding up as support.
The rsi is still below the ema and below the 50 level, but has managed to print a higher low. The most favorable would be if the rsi manages to cross both.
Ethereum 8 Hour Chart
On this chart we see lower highs and lower lows that have been following each other for hours. The Ethereum price is below the ema55 and alternates with the ema100. The ema200 still provides a strong support floor in and around the order block. On the rsi we see just the opposite. The rsi shows higher lows and is above the ema. Still below the 50 level but in an uptrend.
Ethereum 4 Hour Chart
The 4-hour chart shows a nice bull divergence that looks set to start soon. For example, the rsi is now above the ema and is now also trying to rise above the 50 level. Our analyst is now waiting for confirmation. It would be a confirmation if the order block is feliped so that the fib 0.618 will serve as support for a back test. Our analyst has indicated this with an arrow in the chart below.
Conclusion
As you may have noticed, the analysis is bulls-oriented. However, it can also go the other way and for that our analyst keeps an eye on the order block on the high timeframe. We do not want to see a large red candle below this level. Then we will soon have to look again at the USD 2,900 limit.
On the other hand, a flip of the order block could cause a rapid price increase towards the $3,900 – $4,000 region.