Update Ethereum

To move higher Ethereum must break Kijun Sen (red line) which is a tough resistance.

If it does we may see a nice rally. Otherwise there will be blood.

Comment:

On the bearish side (bullish point of view below):
- We are still in a bear market
- ETH is still below the EMA Ribbon (see graph 1)
- ETH is still below Kijun Sen on the daily time frame (see graph 2)
- On the 4h timeframe Chikou Span must get out of the Ichimoku cloud
- Volume is going down whil ETH is moving higher
- The ratio long vs short positions on Bitfinex is 2,83 (482k ETH longs vs 170k short)

Graph 1: Daily time frame:

Graph 2: 4h time frame:

On the bullish side:
- There is a bullish divergence on the daily time frame (see Graph 3)
- ETH is above Tenkan sen (a) and Kijun sen (b) on the 4h time frame (see Graph 4)
- ETH tests new highs since Sept. 8th.

Graph 3:

Graph 4:

Comment:

If I had to decide I would opt for the bearish camp even if I'm not very confident at this precise moment.

On the 1h chart (which is not the most reliable) we see:
- Decreasing volumes
- MACD twist
- Small bearish divergence

Comment:

There will be blood if ETH close a 4h candle below Kijun Sen (now at 230$).