Time to be cautious: Bearish divergence on the shorter timeframe
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Quick glance: ETH has steadily gone up and is hovering around the $3100 level. It has been a dream run so far for the ETH enthusiasts. However, it might be prudent to be cautious right now as a bearish divergence is appearing on the 4-hour time-frame.
Market in the last 24hrs
The last 24 hours were actually pretty bullish for ETH. Markets were fired up and we saw massive positive momentum across most Altcoins.
Today’s Trend analysis
BTC inched closer to the $46,000 mark. The king of Altcoins, Ether, would not no way lag behind. It had a similar rally and surpassed the $3100 mark. The anticipation of the ‘London Hard Fork’ caused a massive rally in ETH in the past 2 weeks. If we look at the price, it has been forming higher highs. However, if we look at the corresponding RSI, we notice that the RSI is not exactly making higher highs. And this is a bearish divergence.
It suggests that the trend might be getting weaker and we might see a reversal. That being stated, there might be false ‘bearish divergence’ signals as well.
The trendlines would help enter short term trades in case ETH breaks out or breaks down. The trendlines would be reliable as they are in place since mid July and follow price action.
Price volatility remained extremely high at approximately 9.01%, with the day's range between $2893.21 — $3154.57
Price at the time of publishing: $3109.57
ETH's market cap: $363.50 Billion
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: ETH has steadily gone up and is hovering around the $3100 level. It has been a dream run so far for the ETH enthusiasts. However, it might be prudent to be cautious right now as a bearish divergence is appearing on the 4-hour time-frame.
Market in the last 24hrs
The last 24 hours were actually pretty bullish for ETH. Markets were fired up and we saw massive positive momentum across most Altcoins.
Today’s Trend analysis
BTC inched closer to the $46,000 mark. The king of Altcoins, Ether, would not no way lag behind. It had a similar rally and surpassed the $3100 mark. The anticipation of the ‘London Hard Fork’ caused a massive rally in ETH in the past 2 weeks. If we look at the price, it has been forming higher highs. However, if we look at the corresponding RSI, we notice that the RSI is not exactly making higher highs. And this is a bearish divergence.
It suggests that the trend might be getting weaker and we might see a reversal. That being stated, there might be false ‘bearish divergence’ signals as well.
The trendlines would help enter short term trades in case ETH breaks out or breaks down. The trendlines would be reliable as they are in place since mid July and follow price action.
Price volatility remained extremely high at approximately 9.01%, with the day's range between $2893.21 — $3154.57
Price at the time of publishing: $3109.57
ETH's market cap: $363.50 Billion
- Out of 11 Oscillator indicators, 7 are neutral, 3 are bearish and 1 is bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', none are bearish and 14 are bullish .
- Indicator summary is giving a BUY signal on ETHUSD .
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
