Ethereum Price Shows Uptrend Potential if Resistance is Broken

The recent performance by the #Ethereum price on the 4-hour chart showcases a period of consolidation with slight bearish tendencies. Over the last five closing prices, $ETH has hovered around the $3,490-$3,510 range, demonstrating a lack of clear directional momentum. Concurrently, the EMA indicators provide a nuanced view of this consolidation.

The 9 EMA, currently at $3,504.83, remains slightly below the 20 EMA at $3,509.84, indicating a short-term bearish crossover. This typically suggests a bearish sentiment in the near term. However, the proximity of the two EMAs suggests the possibility of a trend reversal if there is a significant upward price movement.

The MACD indicator further underscores the bearish outlook. With the MACD line at -6.07 and the signal line at -5.91, the histogram value of -0.16 indicates a minimal but negative momentum. Although the histogram has shown some signs of narrowing, the overall picture remains bearish until a more decisive bullish crossover occurs.

The RSI, currently around 46.84, supports this bearish sentiment, sitting in the lower neutral zone. This suggests that #ETH is neither overbought nor oversold but is leaning towards the oversold side, potentially setting the stage for a rebound if buying pressure increases.

Key support levels to watch are at $3,479.41, $3,475.0, and $3,447.75. These levels are critical as they can act as a foundation for any potential bounce back. A drop below these levels could trigger further bearish moves.

On the upside, resistance levels at $3,516.61, $3,535.45, and $3,565.93 are crucial barriers. A break above these levels, particularly 3516.61, could signal a shift to a bullish trend and open up paths towards the higher resistance marks. #altcoins #TrendingInvestments
The full analysis and trade strategy were originally posted on ecoinimist.com.