Assuming the local top is in and ETH does not continue pumping, ETH appears to be showing a pattern of higher highs on the 14 period RSI and lower highs w.r.t. price action. The 12 period wave trend oscillator is also showing a similar divergence from price action, and is currently flashing a bearish cross, although where the current 4hr candle closes remains to be seen. Additionally, the wave trend oscillator can wiggle in the overbought range for extended periods of time. So, it is entirely possible ETH continues its recent run a bit higher. However if the hidden bearish divergence is confirmed, this pattern would suggest that ETH isn't out of its longer term bearish trend since making its all time high. I'm personally still bearish in the short term, but i'd love to know what do you guys think. Was this move up convincing enough to start warranting a shift in sentiment, or will things remain bearish for the time being? Should ETH continue to pump, I suppose it would need to take out $2640 to invalidate the divergence.
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Also of note:The .382 fib line in the Schiff Pitchfork is acting as resistance currently.
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12 hr look
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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.