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. Right now, ETH is nearing the support from where it has the potential to test the previous high once again. The price for the ETH to go long is at 1940. 

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 18030 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 74. Market needs to neutralize at the level of 50 or even dwell further down towards the over sold region, where it can form a bullish divergence.

Looking for another correction

Apr 15 2023