Ethereum has recently confirmed a daily uptrend which had pretty good follow through. The bulls were rejected several times from the 26-day EMA, however, they were trading above the 12-day EMA and the consolidation was expected.
The past two days have been really indecisive for Ethereum, two ‘indecisive’ candlesticks with long upper and lower wicks but still maintaining the 12-day EMA support. Today, the bears were able to break below the 12-day EMA, certainly notable.
The 4-hour chart also broke below the other support levels and ETH is currently trading at $177.71. The EMA’s are looking for a bearish cross within the next day unless the bulls can take the lead again.
The weekly chart is still in favor of the bears which are hoping to set $186 as just another lower high and continue the downtrend. The volume is still really low and the RSI continues to hover 40 points.
Similarly the Monthly chart is also in favor of the bears, however, there is more room for the bulls to do something here. They are hoping to set a higher low compared to $80.60 but we still need to confirm it within the next few months.