Looking at our highest timeframe we can see Ethereum remains in a downtrend with no major signs of reversal. Stochastic RSI showing momentum is at a halt from its previous bullish swings. ETH continuing to respect its bullish channel. A weekly close above $195.00 is a good sign we will continue to the upside, however a rejection from this level and expect the price to continue selling off to our $150 support.
Shifting over to our pattern timeframe we get a better perspective of the bullish channel shown in our weekly. Stochastic RSI showing momentum has formed a double bottom and we should expect the price to continue pushing to the upside. A daily close above $195.00 leaves ETH in a good position to continue up, a close below this level, and expect another sell-off. Expecting ETH to hit $225 in the next couple of days if we hold above this level.
Finally looking over at our trigger timeframe we get a better picture of our most recent resistance and support. Stochastic RSI showing momentum was in favor of the bulls before selling off at $202.00. Looking for a 4hour close above $202 to see continuation to the upside or a 4hour close below $195.00 to continue to the downside. Crypto is starting to receive more and more good news as each day passes by, it will not be long before we see another bull market.
