Ethereum has started its bullish journey forming higher highs and higher lows. The market has changed the trend to the bullish side and has the potential to continue moving up. The dip seemed inevident but the market structure changed its course and started to take its bullish toll.

There is no trendline indication currently on the prices.

The retracement level of 61.8% is in confluence with the support level. This should act as a catalyst for the market to continue moving up.

EMA 50 has turned bullish as well. At the support level, we might see a retest of the support level where the market may confluence with other technical parameters.

RSI is at 78. Nearing about the over bought region. Once the market falls towards the neutralized level of 50, market has the potential to align with technical parameters and continue moving up.

Ethereum breakout and retest

Jan 14 2023