Ethereum is Recovering Slowly but still Weak

September 3, 2019 5:28 PM UTC

Ethereum is recovering slowly following the rest of the market, however, compared to the leading cryptocurrency, Btc, Ethereum is still quite behind.

BTC has been able to break above the daily resistance, Ethereum on the other side, is not even close yet to the $193 resistance and its currently trading at $180.

The daily chart is clearly looking a bit better but the bulls still have a lot of work to do. The volume is good so far and the 4-hour chart is now in a nice and prolonged uptrend. The RSI is a bit overextended and could slow down the bulls in the short term.

The weekly chart hasn’t changed much and its currently in a downtrend. Bitcoin was able to hold a higher low on the weekly chart and its currently in an equilibrium pattern, unfortunately ETH bulls weren’t able to hold the support level and they will need a lot of momentum to change the weekly trend in the short term.

The monthly chart is looking a bit worse for the bulls and we just had a bearish cross of the EMA’s for the first time in years, certainly significant. The volume, however, is still declining for the bears.

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