The bearish trend of Ethereum has not yet been broken. Nevertheless, there is upside potential for the Ethereum price in the short term.
Ethereum price shows a Bullish divergence in the 4H chart
Ethereum Price Chart by Tradingview
The Ethereum price fell to around 880 USD and then rose by around 22%. There was a bullish divergence in the RSI and histogram of the MACD. In addition, the MACD’s histogram is now ticking bullish higher and the MACD lines are crossed bullish.
Ethereum price could now rise to around $1,300
Ethereum Price Chart by Tradingview
The Ethereum price could now rise to around $ 1,300 for the first significant Fibonacci resistance. A day close above 1,086 USD would be decisive for this.
So if the Ethereum price is above $ 1,086 this night, Ethereum could rise to around $ 1,300, or even to around $ 1,600. There Ethereum encounters significant Fibonacci resistance at the Golden Ratio.
In addition, the MACD’s histogram is ticking bullish higher today. However, the MACD lines are still bearishly crossed and the RSI also does not give bullish signals, but reached oversold regions. In addition, the EMAs still remain in a bearish death cross, which means that the trend remains bearish in the short to medium term.
Ethereum price has broken the support between 1.105 – 1.420 USD bearish
Ethereum Price Chart by Tradingview
The weekly chart does not give bullish signals. Instead, the MACD’s histogram continues to tick bearishly lower and the MACD lines remain bearishly crossed.
In fact, the Ethereum price broke the support between 1.105 – 1.420 USD bearishly, which could put Ethereum on the way to the next support between 365 – 490 USD. Ethereum could find a bottom there.
However, should Ethereum move above $1,105 by the close of the weekly candle that night, support would be intact again. In principle, the ground could then already be reached. However, with the exception of a few bullish signs on the 4H and daily chart, there is no reason to assume that around $ 880 will mark the bottom for Ethereum.
In order to confirm the assumption that the low of 880 USD will not be undercut, Ethereum would have to set a very bullish daily and thus weekly candle close. So, Ethereum should close at least above $ 1,086 in order to increase the chances of being saved from a more sharp decline in the price.
The monthly chart is also bearish
Ethereum Price Chart by Tradingview
Also in the monthly chart, the MACD is clearly bearish, because the histogram continues to tick bearishly lower and the MACD lines remain crossed bearishly.
Neither the weekly chart nor the monthly chart give any indication of a bullish trend reversal. The trend remains bearish, but Ethereum has a chance to rise to around $ 1,300 in the short term.
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