Ethereum (ETH) recently experienced a pause in its upward trend movement, having reached a high of $3,970. This consolidation period came on the heels of a spectacular 25% increase in its price, which was triggered by a breakout from a bullish pattern of a descending triangle pattern on the daily chart. Despite a minor pullback from its recent peak, ETH is now nearing a significant hurdle level at $3,750.
Should Ethereum (ETH) manage to surpass and maintain above this hurdle point, it could probably display a bullish trend to resume, which could potentially leading to additional gains. Meanwhile, the technical tools on the daily chart largely hints at a positive outlook. The price has been above the 200-day EMA that implied that the bullish momentum may continue in the long term.
Moreover, the ongoing 50-day and 200-day EMAs golden crossover is itself a strong sign of an favourable long-term trend. Conversely, the MACD exhibited a bearish crossover, indicating some caution to keep.
The RSI has declined below the 50 level and the 14-day SMA, that shows a momentary weakening in momentum. For confirmation of a sustained upward trend in ETH, it would be wise to observe the RSI's recovery above the median line (DYOR).
Should Ethereum (ETH) manage to surpass and maintain above this hurdle point, it could probably display a bullish trend to resume, which could potentially leading to additional gains. Meanwhile, the technical tools on the daily chart largely hints at a positive outlook. The price has been above the 200-day EMA that implied that the bullish momentum may continue in the long term.
Moreover, the ongoing 50-day and 200-day EMAs golden crossover is itself a strong sign of an favourable long-term trend. Conversely, the MACD exhibited a bearish crossover, indicating some caution to keep.
The RSI has declined below the 50 level and the 14-day SMA, that shows a momentary weakening in momentum. For confirmation of a sustained upward trend in ETH, it would be wise to observe the RSI's recovery above the median line (DYOR).