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Ethereum (ETHUSD) bullish channel update: 4hr tf
My previous post on Ethereum can be found here:
It was mentioned in the post that Ethereum (ETHUSD) was likely going to test the bottom of its current bullish channel before any bullish action that would reach the upper line of the channel. Price action rather continued its bullish action breaking the upper line of the channel temporarily i.e. reaching the target area mentioned in the last post. Ethereum is currently at the bottom of the channel at ~$610.58.
Support beyond the bottom of the channel remains between ~$689.40 and $702.90 and the point of validation of this analysis (POI) is still kept as a price close below ~$541.75.
For Ethereum to maintain its current bullish progression, commitment by the bulls is necessary which = pushing prices back to the upper line of the channel as depicted by the red arrow.
The makes the new target area for Ethereum = between ~$702.83 and ~$725.06.
Price close below the bottom of the channel and also support as shown above could have further bearish consequences for Ethereum with price returning to ~$502.77 or even the high $400’s.
Lastly, the 4hr tf RSI is shown here and clearly does have a negative slope. This implies that the RSI is not confirming a bullish move yet for Ethereum and it is worth waiting for the 4hr tf RSI to bottom and/or resume a +ve slope upwards before starting to consider going long (buy).
It was mentioned in the post that Ethereum (ETHUSD) was likely going to test the bottom of its current bullish channel before any bullish action that would reach the upper line of the channel. Price action rather continued its bullish action breaking the upper line of the channel temporarily i.e. reaching the target area mentioned in the last post. Ethereum is currently at the bottom of the channel at ~$610.58.
Support beyond the bottom of the channel remains between ~$689.40 and $702.90 and the point of validation of this analysis (POI) is still kept as a price close below ~$541.75.
For Ethereum to maintain its current bullish progression, commitment by the bulls is necessary which = pushing prices back to the upper line of the channel as depicted by the red arrow.
The makes the new target area for Ethereum = between ~$702.83 and ~$725.06.
Price close below the bottom of the channel and also support as shown above could have further bearish consequences for Ethereum with price returning to ~$502.77 or even the high $400’s.
Lastly, the 4hr tf RSI is shown here and clearly does have a negative slope. This implies that the RSI is not confirming a bullish move yet for Ethereum and it is worth waiting for the 4hr tf RSI to bottom and/or resume a +ve slope upwards before starting to consider going long (buy).
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