The 4-hour chart shows that the bulls aggressively purchased the dip to the 20-EMA.
If the price turns down from the current levels or the overhead resistance, the bears will try to sink the pair below the 20-EMA. If that happens, the decline could extend to the critical support at $488
If the bulls can push the price above $562
the uptrend could resume with...
ETHUSDT is testing the 2020 ATH and ascending channel resistance.
RSI is printing a bearish divergence signal.
The market is printing a rising wedge pattern.
Sell entry ⬇️ - breakdown below the rising wedge support + previous swing low.
Target - mid channel, channel support.
. There is a possibility of temporary retracement to suggested support line (389.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. ETHUSDT is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....