Let's jump right in the 30-mins graph.
We see a clear double button pattern with a higher low shows up, which strongly indicates that the reverse is happening. It is similar to what is happening in LTC/USD(see my last LTC analysis) . ETH and LTC are positively related in a large picture, so the concurrence of the bullish signal means the whole market is recovering and the buyers are stepping into control.
Let's look at the MACD and RSI. It is clear that the MACD is getting into an ascending trend which is positive momentum signal. The RSI is kinda messy, but it is definitely getting closer to up level, try to kiss and breach 70. So my best guess is we shall see a short good run in ETH, and be pushed back a little, after that the buyers will get more anxious.
Finally, we can set our near bullish target at around 800(Fib 1.618).
Cryptocurrency is very sensitive to news, no matter true news or story made by people. ETH has huge fund and strong community back up, as long as there's no severe bad news for it, we are good, and good news will always come up.
We see a clear double button pattern with a higher low shows up, which strongly indicates that the reverse is happening. It is similar to what is happening in LTC/USD(see my last LTC analysis) . ETH and LTC are positively related in a large picture, so the concurrence of the bullish signal means the whole market is recovering and the buyers are stepping into control.
Let's look at the MACD and RSI. It is clear that the MACD is getting into an ascending trend which is positive momentum signal. The RSI is kinda messy, but it is definitely getting closer to up level, try to kiss and breach 70. So my best guess is we shall see a short good run in ETH, and be pushed back a little, after that the buyers will get more anxious.
Finally, we can set our near bullish target at around 800(Fib 1.618).
Cryptocurrency is very sensitive to news, no matter true news or story made by people. ETH has huge fund and strong community back up, as long as there's no severe bad news for it, we are good, and good news will always come up.
