2019-8-5 17:22 |
Ethereum has a bearish short-term bias, with the ETH / USD pair still trading below its 200 period moving average on the four-hour time frame The four-hour time frame shows that a bullish breakout has taken place from a triangle pattern The daily time frame shows that the ETH / USD pair is now against the neckline of a large head and shoulders pattern Ethereum / USD Short-term price analysis
Ethereum has a bearish short-term trading bias, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that after a brief period of price consolidation, a bullish breakout from a neutral triangle pattern has occurred.
Technical indicators on the four-hour time frame are now starting to issue buy signals.
ETH / USD H4 Chart by TradingView
Pattern Watch
Traders should note that the $260.00 and $280.00 levels are the likely upside targets of the bullish triangle pattern breakout.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish, although it has now reached overbought territory.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish and is now starting to issue a buy signal.
Ethereum / USD Medium-term price analysisEthereum has a bullish medium-term trading outlook, with the ETH / USD pair now starting to rally away from its trend defining 200-day moving average.
The daily time frame is showing that bulls are probing the neckline of a bearish head and shoulders pattern, which is located around the $230.00 resistance level.
Critical technical resistance on the daily time frame is located at the $275.00 and $300.00 levels.
Technical indicators on the daily time frame are now starting to move away from oversold conditions.
ETH / USD Daily Chart by TradingView
Pattern Watch
Traders should note that a strong recovery above neckline resistance may help to complete the bearish head and shoulders pattern.
Relative Strength Index
The RSI indicator on the daily time frame is rising, although it remains technically bearish.
MACD Indicator
The MACD indicator on the daily time frame has turned bullish and continues to issue a strong buy signal.
ConclusionEthereum is gathering bullish momentum, following the recent bullish breakout from a neutral triangle pattern on the four-hour time frame.
Both time frames suggest that if the ETH / USD pair clears the $230.00 resistance level, the bullish move could easily extend towards the $280.00 to $300.00 area.
Check out our introductory guide to Ethereum.
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