Ethereum is currently trying to set a clear higher low but it seems the bears might have achieved a bit of strength over the bulls. The daily chart remains in an uptrend but the bears could set a downtrend if they are able to break below $177.39, the last low.
Ethereum is currently trading at $179.92 below both daily EMAs. The good news for the bulls is that the downwards volume hasn’t been significant and the EMAs have crossed bullishly.
The weekly chart is certainly the most interesting timeframe to watch right now. Ethereum seems to have set an equilibrium pattern here. The recent low of $153 was higher than $152.11 and the bears are currently trying to set a lower high at $199.5 compared to $224.71.
The bulls have been rejected from both EMAs several times here. If the bears can see a daily downtrend, they would confirm the weekly equilibrium pattern.
At this point, the equilibrium pattern wouldn’t necessarily favor anyone as ETH is trading right in the middle of the pattern.
The monthly chart will certainly be influenced by the weekly equilibrium pattern. The bulls are hoping to set the higher low at $152.11 here. The bulls have a real chance of changing the monthly trend to an uptrend but they could also set an equilibrium pattern here.