If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
In this post ,we analyze Ethereum's 4 hour chart, assessing its short term probabilities.
- To begin with, Ethereum (ETH) has been consolidating within a pattern
- Prices have been creating lower highs and higher lows
- While bears have attempted to break the structure, bulls have managed to secure significant support
- There is a hidden in play, with higher lows on the price, and lower lows on the indicator
- The ( ) is at neutral zones, showing potentiality for a breakout
- The Moving Average Convergence Divergence ( ) has shown increasing histograms, leading to a potential golden cross
- The Oscillator has recently formed a golden cross at neutral levels as well
- The Simple Moving Averages ( SMAs ) are all aligned in the order of: 20, 50, and 100
- Prices have tested the lower support
- Prices have managed to bounce on the support
- For Ethereum to retest its new lower high, it must first break and close above the 0.618 Fibonacci resistance, providing confirmation
What We Believe
We believe that Ethereum's short term technicals demonstrate room for a small breakout, that could lead to a formation of a new lower high. For a continuation of the rally, ETH would have to break and close above the structure.
Let us know what you think in the comment section below