ETH/USD holds above the 50-Day SMA (1763) as it bounces back ahead of the monthly low (1765), and Ethereum may track the positive slope in the moving average as it defends the opening range for April.
ETH/USD Outlook
ETH/USD cleared the August 2022 high (2013) earlier this month as it rallied to a fresh yearly high (2133), but a textbook sell signal materialized in the Relative Strength Index (RSI) as the recent weakness in Ethereum pulled the oscillator below 70.
Nevertheless, the rebound from the weekly low (1788) may gather pace as the RSI no longer reflects a negative slope, with a close above the 1908 (61.8% Fibonacci extension) region bringing the monthly high (2133) on the radar.
However, failure to hold above the 1908 (61.8% Fibonacci extension) region may lead to another run at the monthly low (1765), with a break below the 50-Day SMA (1763) opening up the 1623 (78.6% Fibonacci retracement) area.
--- Written by David Song, Strategist
DavidJSong
ETH/USD Outlook
ETH/USD cleared the August 2022 high (2013) earlier this month as it rallied to a fresh yearly high (2133), but a textbook sell signal materialized in the Relative Strength Index (RSI) as the recent weakness in Ethereum pulled the oscillator below 70.
Nevertheless, the rebound from the weekly low (1788) may gather pace as the RSI no longer reflects a negative slope, with a close above the 1908 (61.8% Fibonacci extension) region bringing the monthly high (2133) on the radar.
However, failure to hold above the 1908 (61.8% Fibonacci extension) region may lead to another run at the monthly low (1765), with a break below the 50-Day SMA (1763) opening up the 1623 (78.6% Fibonacci retracement) area.
--- Written by David Song, Strategist
DavidJSong
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