Ethereum Lead Bull not Phased by Recent Market Crash

September 19, 2019 By: Lorenzo Stroe

Ethereum keeps surprising investors with yet another day of big gains and huge volume behind it. Today, most altcoins experienced a little bit of consolidation, Ethereum was trading as low as $200.98 today but the bulls quickly pushed the price back up to $220.

The daily chart looks great, the uptrend is crazy, however, the bulls need to see a healthy pullback or consolidation to sustain this bull run.

The 4-hour chart has maintained the uptrend even after the recent pullback and it’s now trading above both EMA’s again. The RSI is, however, extended indicating a need for a healthy pullback, although not necessarily indicating that one will happen as the RSI has been overextended for days on the 4-hour chart without a pullback big enough to cool it off.

The weekly chart is looking more and more in favor of the bulls even though they haven’t confirmed an uptrend, they are actually quite close to breaking above the resistance of $240 in just one move. ETH is trading above both EMA’s here and the RSI is not extended.

The monthly chart at this point has basically confirmed a higher low of $163.57 compared to the other low of $ 80.60, which means we are likely to enter an equilibrium pattern here too. ETH is not yet trading above EMA’s here but could do so in the next few days if the bulls keep up the momentum.

 

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