ETHUSD Price Action & Trend
Downtrend Channel: ETH has been in a descending channel (marked by red lines) but is now consolidating near the upper boundary.
Current Price Zone: Around $1,596, facing resistance at the Fibonacci 0.236 level and pivot resistance R1.
Key Levels:
Resistance Levels: $1,599 (R1), $1,706 (R2), $1,853 (R3), up to $2,374 (R5).
Support Levels: $1,497, and stronger support around $1,384.
50 EMA / 200 EMA: ETH is below both, suggesting bearish sentiment long-term unless it breaks above $1,700+.
Indicators
1. RSI (Relative Strength Index):
Around 45, indicating weak momentum; not yet overbought or oversold.
"Bull" divergence signs show potential trend reversal in the past.
2. Stochastic RSI:
Near 40, showing cooling momentum after a recent move up.
3. MACD:
Flat, with a potential crossover building. Histogram is near neutral. Watch for a bullish cross.
4. Volume:
Low recent volume suggests lack of conviction in the move; needs stronger volume to confirm breakout.
Outlook
Neutral to Slightly Bullish short-term if ETH breaks above $1,600-$1,620.
Bearish Continuation likely if it breaks back below $1,500.
Key Breakout Point: Watch $1,706.85 (upper resistance) and $1,497.86 (support).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.