Ethereum changed the daily trend recently but it was not a convincing trend change as the bulls were struggling to see any kind of continuation and could not break above the 26-Day EMA and eventually lost the 12-Day EMA too.
The bulls did, however, set another higher low compared to $164.99 at $173.7 and two days later, they got a nice break-out above the recent resistance as well as the 26-Day EMA with increasing bull volume.
Ethereum is now in a confirmed and strong uptrend and the daily EMA’s are looking for a bullish cross within the next few days. The current daily candlestick is pointing towards a short term consolidation where bulls would want to see the EMA’s act as support.
The 4-Hour chart has not yet lost the uptrend and the bulls were able to defend the 12-Day EMA. The RSI has cooled off a little bit now and bulls could see another leg up without any further consolidation.
The weekly chart is still in a downtrend and bulls are looking for a break above the 12-Day EMA at $202.86 as well as the psychological $200 level.
On the monthly chart, the bulls are looking to set $163.57 as the lower high if they are able to close this month’s candlestick above that level.