Here we have the 20wma & 20dma on the 4 hour chart. If you were to zoom out on the weekly, or even daily you will see we've had significant issues in the past getting above these and conveniently they're both right here. If we happen to get above them, we could see a nice rally.
I expect it to turn back from here, with limited upside as this level also coincides with the .382 retractment level from this entire move for wave B. However as you can see, there is still a little room left for minimal upside.
Also, rsi/ema is turning down, and Phoenix appears to be crossing to the downside here as well.
As you can see we've recently hit a low point on our Shorts for ETH. I would wager at this point a correction is due. However, looking at the chart, we can see the MACD cross positive signaling the correction will continue albeit still not sure how far.
If I had to guess though, I'd say we creep our way up to that level of interest smack dab in the middle of the...
Ethereum is reacting off of its long term trendline. And is poised to continue upward, where it will face resistance in the 160-200 area. It will then be rejected, and we will more than likely fall to our final support area for likely accumulation, around 50$.
So long as we don't get a full retrace here all the way back down to 3350usd, we'll have an uptrend albeit on the 4hr with Linear Regression, we'd then stake out a Higher Low - and our oscillator is making a Lower Low. Checks everything for hidden bullish divergence.
Also, we've steady kept pressure upward on this trendline. That's positive, regardless.
If you're late to the party, there's still time to get caught up with the play. While everyone thinks the floor is going to fall out, we're going to get a damn close full retrace, then we're going to cause a bit of FOMO before the final descent into the final accumulation zone.