2018-12-27 14:49 |
Ethereum [ETH] Logarithmic Weekly Chart – Source: Tradingview.comA look at the Weekly chart for Ethereum in logarithmic form shows that price fell to the first mini-support area at $80 then quickly rallied to meet resistance at $160-$180.
The candle for the week of 16-22 December is the largest bullish candle of the year and is accompanied by large volume as well (yellow candle).
What is going to happen next?
Let’s take a closer look and find out.
Long-Term Outlook Ethereum [ETH] Weekly Chart – Source: Tradingview.comA look at the indicators shows that the RSI fell below thirty for the first time in years.Furthermore, the MACD made a bullish cross and is heading upward. There is also some bullish divergence developing in the MACD.
On the other hand, the price is facing resistance from the 7 period moving average, which corresponds with the resistance area at $160-$180.
Medium-Term Outlook Ethereum [ETH] Daily Chart – Source: Tradingview.comA look at the Daily chart shows that price rallied after a significant bullish divergence in both the RSI and the Chaikin Oscillator.However, the MACD is losing steam and moving back below 0.
Price hit resistance in the cloud and formed an inverted hammer, which is a bearish reversal candle (yellow arrow).
Short-Term Outlook Ethereum [ETH] 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart gives us possible areas of support.The RSI became oversold prior to the reversal, but there was no bearish divergence.
The first area of short-term support is formed by the 0.618 fib retracement line and previous support at $106-114.
Conclusions: The price fell to the first support area at $80. Significant bullish divergence in a Daily timeframe. Short-term support area is at $106-114. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ethereum [ETH]: Price Rebounded Right Back to Triple Digits, What Is Next? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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