Coin Watch: Ethereum (ETH)
Let's start on the weekly and daily charts:
The weekly shows an ascending wedge.
A rising wedge is often considered a bearish chart pattern that indicates a potential breakout to the downside.
Trading volume and RSI are also decreasing.
=> The sentiment is bearish on the weekly timeframe.
On the daily, we are seeing consolidation areas. The current area might be broken to either side, knowing the previous one broke down. It's important to remember that we are at the support level of the rising wedge on the weekly chart, so we could bounce off it, or break it down.
The RSI is rising however and making higher lows which is a bullish sign.
Moving on to the 4 hours chart:
We basically zoomed in that consolidation area. The market is clearly ranging, meaning people are buying at support areas and selling at resistances.
The RSI is also ranging but showing a bullish divergence although already being in overbought areas.
Another chart I think is important to look at when analysing Ethereum is the ETH/BTC one.
The weekly chart clearly shows us that BTC is gaining power against ETH through the year and is showing no sign of stopping! That, to me, is a strong bearish signal for ETH.
Stay tuned!
The weekly shows an ascending wedge.
A rising wedge is often considered a bearish chart pattern that indicates a potential breakout to the downside.
Trading volume and RSI are also decreasing.
=> The sentiment is bearish on the weekly timeframe.
On the daily, we are seeing consolidation areas. The current area might be broken to either side, knowing the previous one broke down. It's important to remember that we are at the support level of the rising wedge on the weekly chart, so we could bounce off it, or break it down.
The RSI is rising however and making higher lows which is a bullish sign.
Moving on to the 4 hours chart:
We basically zoomed in that consolidation area. The market is clearly ranging, meaning people are buying at support areas and selling at resistances.
The RSI is also ranging but showing a bullish divergence although already being in overbought areas.
Another chart I think is important to look at when analysing Ethereum is the ETH/BTC one.
The weekly chart clearly shows us that BTC is gaining power against ETH through the year and is showing no sign of stopping! That, to me, is a strong bearish signal for ETH.
Stay tuned!
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