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. The support level is at 1625 which will need to be uplifted.

Trendline might be retested at the support level and form a confluence for the rejection of the ethereum.

The retracement level of 61.8% is confluence with the support level.

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 58, which is the overbought 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 another long position

Feb 04 2023