The rise of BTC has depressed several alts, and ETH is on the list.
A simmetrical triangle has formed, price has channeled down loosing over 25% from the last rally. I believe the bullish momentum of ETH is not over yet.
Technicals are all on the oversold area, and an hint of hidden bullish divergence has generated on PPO and RSI, and is quite clear on CCI.
If we break the trendline upwards we might see a retrace all the way to +25%
Retracements from Fibonacci can be helpful to see resistance points on the way up.
If we break down (at this stage less likely) we will find strong support at -13%]
Trade Safe.
A simmetrical triangle has formed, price has channeled down loosing over 25% from the last rally. I believe the bullish momentum of ETH is not over yet.
Technicals are all on the oversold area, and an hint of hidden bullish divergence has generated on PPO and RSI, and is quite clear on CCI.
If we break the trendline upwards we might see a retrace all the way to +25%
Retracements from Fibonacci can be helpful to see resistance points on the way up.
If we break down (at this stage less likely) we will find strong support at -13%]
Trade Safe.
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We still have to break the descending trendline for a confirmation of an uptrend.