Ethereum is at the support level which has now been broken out and formed a resistance level. From this resistance level, the market will form a bearish engulfing or pinbar candle from where, it can further go bearish towards the support level. Market has formed a lower low and lower high and is on the way towards the lower low.

The descending trendline has induced the breakout buy for the cryptocurrency and it has the potential to continue moving up.

There is no retracement indication on the pair.

EMA 50 is above the market price and the market has the potential to tap the resistance level from the current market price.

RSI is at 65. This needs to be neutralized at the 50 level, where the elements of the technical factor can confluence together for the market in order to continue moving up.

Ethereum buys from 1600

Feb 18 2023