ETHFI Technical Indicators Suggest a Possible Upswing

$ETHFI is currently experiencing sideways movement, with recent price action testing both support and resistance levels. 

The crypto closed at $1.522 in the latest session, just below the key resistance level at $1.524, which has held firm in recent trading hours. A break above this level could potentially signal bullish momentum, with the next resistance levels to watch at $1.546 and $1.549.

On the downside, immediate support is located at $1.516, followed by a stronger base at $1.502. If #ETHFI dips below $1.502, the next key support to watch is $1.488, which may provide an attractive entry for buyers looking for a longer-term position.

The 9-period EMA is currently positioned below the 20-period EMA, indicating a short-term bearish bias. However, the gap between the two is narrowing, which suggests the potential for a bullish crossover. This convergence signals that momentum may be shifting, and traders should watch for a breakout or breakdown in the near future.

Looking at the MACD, the indicator shows bearish momentum as the MACD line remains below the signal line. However, the histogram's positive divergence in the latest session suggests that selling pressure may be waning on ETHFI, and a bullish reversal could be imminent if the MACD line crosses above the signal line in the coming hours.

The RSI is currently trending upwards, moving from oversold territory to neutral levels, which hints at the potential for a recovery. It recently crossed above 50, a level typically associated with a transition from bearish to bullish momentum, suggesting a potential buying opportunity if upward momentum continues for ETHFI.

The full analysis and trade strategy were posted on www.ecoinimist.com.