Ethereum making moves. Next Target would be a new ATH?
Ethereum is trading at around $3000, at the time of writing this analysis, which also acts as an immediate support level. It tried to break the resistance at $3300 but failed, however, it has been accumulating between immediate support and resistance level to see the next move upwards.
I am using On-balance volume (OBV) which is a technical trading momentum indicator that uses volume flow to predict changes in stock price. It shows crowd sentiment that can predict a bullish or bearish outcome. The OBV indicator on the above chart clearly shows a sign of accumulation.
RSI is trying to reverse its movement, and if good buy volume comes in, it might again visit the overbought zones.
If Ethereum is unable to hold the Immediate Support Level, it might see a downtrend.
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I am using On-balance volume (OBV) which is a technical trading momentum indicator that uses volume flow to predict changes in stock price. It shows crowd sentiment that can predict a bullish or bearish outcome. The OBV indicator on the above chart clearly shows a sign of accumulation.
RSI is trying to reverse its movement, and if good buy volume comes in, it might again visit the overbought zones.
If Ethereum is unable to hold the Immediate Support Level, it might see a downtrend.
Follow us for more trading ideas, educational analysis, and scripts.
Let us know what do you think about this analysis in the comment box below.
Happy Trading
Comment:
Awesome, It's moving towards the Immediate resistance
Trade closed: target reached