Why The Ethereum Upward Trend Is Just Beginning!
Even with the recent decrease, the long-term ETH chart still looks bullish. The price created a double bottom (bullish reversal pattern) on September-December 2019 at ₿0.0175. The pattern was combined with significant bullish divergence in the weekly RSI which was also at its lowest ever level. The closest important resistance area is found at ₿0.037.
As long as the price stays above the ₿0.0255 support, its long-term trend is considered bullish.
Now, the daily chart admittedly raises some bearish concerns, which however are yet to be confirmed. There is a lack of strong bounce from the price which is especially visible in the reduced length of the long lower wick. As is shown by the horizontal white and blue lines, the daily close of the first bounce was higher than that of the second one, a sign of weakness.
A daily close below ₿0.0254 (blue line) to me would confirm that we are heading lower. However, the price found support above it yesterday. The daily RSI also aligns with this view, since it is staying above 50. So, a price decrease would also cause the RSI to fall below this line, confirming that we are heading lower.
The hourly chart outlines our final trading range. We can see that the price has fallen below the middle of the range, but this did not initiate a rapid decrease. It is likely that the price will reclaim it soon, after possibly bouncing on the support line one more time, and head towards the range high.
TLDR - As long as the price does not close below the horizontal blue line (first image in the comments), it is likely to head upwards and eventually reach ₿0.037.
As long as the price stays above the ₿0.0255 support, its long-term trend is considered bullish.
Now, the daily chart admittedly raises some bearish concerns, which however are yet to be confirmed. There is a lack of strong bounce from the price which is especially visible in the reduced length of the long lower wick. As is shown by the horizontal white and blue lines, the daily close of the first bounce was higher than that of the second one, a sign of weakness.
A daily close below ₿0.0254 (blue line) to me would confirm that we are heading lower. However, the price found support above it yesterday. The daily RSI also aligns with this view, since it is staying above 50. So, a price decrease would also cause the RSI to fall below this line, confirming that we are heading lower.
The hourly chart outlines our final trading range. We can see that the price has fallen below the middle of the range, but this did not initiate a rapid decrease. It is likely that the price will reclaim it soon, after possibly bouncing on the support line one more time, and head towards the range high.
TLDR - As long as the price does not close below the horizontal blue line (first image in the comments), it is likely to head upwards and eventually reach ₿0.037.
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