Ethereum Remains In A Tight Trading Range; But Technicals Are Starting To Turn Bullish | cryptozapper

Ethereum Remains In A Tight Trading Range; But Technicals Are Starting To Turn Bullish

Ethereum has still been in a pretty tight trading range. Trading for anything but day traders and scalpers have been a wreck. Extremely tough but it looks like ETH is finally coming to a point of major decision making. Squeezing into an apex by a long-term uptrend line and a long-term downtrend. We all saw what BTC did when we broke the long-term downtrend line. So with that let’s get into what Ethereum has in store for us in the next 24 hours.

Diving into the H1 chart we see we have bounced off a MED term trend line that has been acting as a good day trading support area and made trading very predictable. Looking at the indicators we see the H1 STOCH is severely topped off and needs to cool down. We do not have any bear div on the H1+ but we see it present on small time frames. This leads me to believe we have one more up-move after a small consolidation. In order to enter a long, we must let STOCH reset while price finds support around 460-464. After confirmation we will look for H1 BEAR div to form in order to exit our positions as we had H1 BULL div to break us up, now we look for the bear to counter. You could also set aim for 475-480 range for an exit on longs. A break and close of an H4 candle below 460 invalidated the bull case.

Also Read: Ethereum Is Testing Code for Its Next Hard Fork

For the bears, the only thing I see is in the H4 chart we have the RSI starting to run off a bit as the price has not kept up. Taking a look at the H4 chart you will notice a hidden BEAR trying to form. What needs to happen to invalidate the hidden BEAR is the price must break previous H4 swing high of 484. Breaking that even by a whick invalidates the hidden bear.
LONG term I’m starting to feel a little bullish but we must have a WEEKLY close above the vital 470 rage. A close of 470+ will throw us over the 8 WMA and so far a close over the 8 WMA on the W1 chart has garnered promising results.

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