Ethereum couldn't keep up past week's uptrend, and cross the 38% Fib level, at $624. This level is also well defended by the red (21 bar) and blue (55 bar) lines, and by the resistance line (in orange), which was tested and rejected 3 times.
Below that, we find the 23% level (at $574) and the pink (144 bar) line. Those mentioned lines are flat now, suggesting ETH can keep going sideways for the moment.
Volume on the daily chart is quickly decreasing, during the past days when this rally started, which signs a bearish divergence. RSI is pointing down to signal that Ethereum needs to correct before another reversal.
Today ETH briefly touched the 23% Fib level, before bouncing back. This could be a trend continuation signal. If it fails, a further dip to retest the lower levels ($492) is probable. Just below $492 levels, ETH has $427 and $367 as a previous support region.
In another scenery, a break and close above orange trendline is needed for buyers to take control. Above $640 the next stop for buyers could be around the $665 level, where price was traded in the end of April, before the rally to the $838 level.
Below that, we find the 23% level (at $574) and the pink (144 bar) line. Those mentioned lines are flat now, suggesting ETH can keep going sideways for the moment.
Volume on the daily chart is quickly decreasing, during the past days when this rally started, which signs a bearish divergence. RSI is pointing down to signal that Ethereum needs to correct before another reversal.
Today ETH briefly touched the 23% Fib level, before bouncing back. This could be a trend continuation signal. If it fails, a further dip to retest the lower levels ($492) is probable. Just below $492 levels, ETH has $427 and $367 as a previous support region.
In another scenery, a break and close above orange trendline is needed for buyers to take control. Above $640 the next stop for buyers could be around the $665 level, where price was traded in the end of April, before the rally to the $838 level.