Ethereum Hammering Out a Multicycle Low on the 240-minute and Da
Ethereum's 18-22 bar daily cycle has bottomed along with its 240-minute cycle (also averaging 18-22 bars in length).
The MACD and RSI (14) indicators reveal a pronounced bullish price/momentum divergence, and there's also a tiny double-bottom pattern evident.
There is a TON of overhead supply for ETHUSD to claw its way through before any sustained, bullish trend reversal is possible.
The first supply level is near 124.00 and then a much more substantial one is near 136.00. If a significant short-covering rally ensues, the higher level would be a great place to close out any recently entered long positions. If you're still short ETHUSD, then by all means consider covering some if not all of your short position asap.
The MACD and RSI (14) indicators reveal a pronounced bullish price/momentum divergence, and there's also a tiny double-bottom pattern evident.
There is a TON of overhead supply for ETHUSD to claw its way through before any sustained, bullish trend reversal is possible.
The first supply level is near 124.00 and then a much more substantial one is near 136.00. If a significant short-covering rally ensues, the higher level would be a great place to close out any recently entered long positions. If you're still short ETHUSD, then by all means consider covering some if not all of your short position asap.
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