We are going to take another long position on it. 

Ethereum just broke out of a resistance level on h4, which is now going to act as a support level. Once a strong price action is formed on this support, we will have a lining effect on the pair to continue its course for a further bullish impulse. The trend has now formed as bullish as the formation of higher highs and higher lows is in place. Once the range has broken out, potentially towards the upper side, we will see a further bullish confirmation on the bullish side.

The descending trendline has broken out for buys, giving us an additional confluence for the bullish confirmations.

There is no retracement level on the pair.

EMA 50 is bullish and has the upward curve momentum for continuation.

RSI is at 53. It needs neutralization towards the 50 level in order to align with the price action of the charts and then, boom we go!

Rangebound Ethereum

Oct 28 2023

Pending

Published 36d ago

2217.45

Current price

1769.91

Entry price