Hi there folks its Brian here from Crypto Brotherhood. Currently on the 1 hour time frame, ETH has formed a bullish divergence on the RSI. Also the MACD is about to do a bullish cross over as well.
The price is also currently resting in the short term support area as shown by the blue rectangle region. This is also the first time since 28th December that RSI went into the oversold territory, hence representing a good opportunity to go long.
On a bigger picture, ETH has been on a upward trend since 0.026 price area from 15th December and now is currently retracing from its 0.041 short term high. Overall if current support holds, ETH seems ripe to go up higher from here with current price being the end of 4th wave retracement and starting of 5th wave upwards. 0.042 is the closest resistance and after that the next possible resistance is at 0.00445 and strong clear resistance is at 0.0054.
The price is also currently resting in the short term support area as shown by the blue rectangle region. This is also the first time since 28th December that RSI went into the oversold territory, hence representing a good opportunity to go long.
On a bigger picture, ETH has been on a upward trend since 0.026 price area from 15th December and now is currently retracing from its 0.041 short term high. Overall if current support holds, ETH seems ripe to go up higher from here with current price being the end of 4th wave retracement and starting of 5th wave upwards. 0.042 is the closest resistance and after that the next possible resistance is at 0.00445 and strong clear resistance is at 0.0054.