Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! If you recall from the last ETH analysis, we were discussing how ETH was gearing up for an attempted breakout to the upside of its downtrend channel. Here on the daily chart, we can see that ETH has broken out as anticipated. The volume on this breakout isn't very high, but the MACD has broken above the zero line, which is a technical buy signal, and the RSI is advancing sharply to the upside. Speaking of the RSI, we can see that it is approaching oversold territory. So, that is something to note, in terms of a potential continuation of buy-side strength.
Overall, price has broken out to the upside of the downtrend channel, in an explosive move off of newly defined support on the 50 EMA (in orange.) From here, I would expect the 50 EMA to continue to provide support, as price begins to ascend toward the 161-167 region.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Overall, price has broken out to the upside of the downtrend channel, in an explosive move off of newly defined support on the 50 EMA (in orange.) From here, I would expect the 50 EMA to continue to provide support, as price begins to ascend toward the 161-167 region.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-