Short Term Potential Upside On ETHUSD towards ATH
At the moment Ethereum is currently consolidating at around the $1200 level after making a powerful ~60% move upward. On the 4H, there's a clear resistance at $1260, however price action has shown support for the 4H 21 EMA (light blue line) and consistent lower highs; forming an ascending triangle. MACD and Stochs are crossing down while price action remains stagnant, while also the RSI holding it self inside the bullish levels. These indicators are suggesting a potential bullish reset. Either we continue to hold the 4H 21 EMA and continue to sideline at this level or break out of the ascending triangle. Confirmation for the breakout would be a 4H candle close above the $1260 resistance and I would look for continuation to the upside. Invalidated if a 4H candle closes below the 21 EMA and I would look for a potential pull back towards $1055, the 55 EMA which was also our previous resistance.
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ETH currently crossing up past the $1260 resistance. We still have to wait for the 4H candle to close above at 7PM EST for confirmation.Note
2H candle about to close in less than hour. Could be used as early confirmation.
Stochs and MACD are crossing back up. RSI potentially closing above the 21 EMA and back into bull control zone.
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Two 4H candles closed above 1260 confirming the breakout. Target is the ATH at $1380!
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12H just closed red with a large wick as rejection, I'd be careful around here.
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Did not hit the exact $1380 ATH target but reached around $1340, which is close enough. ETHUSD is currently at the 4H 21 EMA. If this fails to hold and close below, price would imply further downside back to $1044 for a potential bounce area. Stochs and RSI are moving downward as selling pressure mounts.
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