ETHEREUM has started its bullish move, forming a higher high and higher low structure, which has been established by the market breaking the previous resistances and continuing moving up. The trend on higher time frames is still bearish and the market needs to bounce back up on the level of neutralization.

The descending trendline has broken out and the market has validated the breakout buy. The trendline on the lower time frame if broken out for buys, then market has the potential to continue moving up. Our buy position is at the 1750 price to go for longs.

The retracemenet level of 61.8% is slightly above the support and have the potential to continue the tap the resistance level. 

The EMA 50 is bearish, with a steep curve upwards. This indicates that there is a strong trend on the bullish side as the market continues to move up.

RSI is 59, which is under the neutralized levels. It needs to neutralize at the 50 level as the market is at the over sold region and needs to bounce up towards the neutralized zone.

Taking a long position even after a loss

Apr 01 2023