Ethereum: Bouncing on Support, Temporarily Oversold 4H (Jun. 12)
X Force Global Analysis:
In this analysis, we take a look at Ethereum (ETH), and explore the potential bounce that is in play for the short term.
Analysis
- Ethereum has been on a mega steady bullish rally for weeks.
- It has gone through a phase of breakouts, consolidations, and further breakouts
- The rally has been consistent, with an ascending trend line support demonstrating the direction of the trend
- We have seen that the previous times Ethereum consolidated, the 0.382 and 0.618 Fibonacci retracement levels acted as strong support
- As such, we could expect strong support at the current 0.382 Fib retracement support
- Technical indicators also demonstrate potentiality of a bounce
- The Stochastic Oscillator is at oversold territories, forming a golden cross
- The Relative Strength Index is also extremely oversold
- While the Moving Average Convergence Divergence (MACD) demonstrates huge bearish histograms, it's important to note that the MACD lags compared to the other two indicators.
What We Believe
In summary, we could expect a technical bounce at current levels, based on the overall trend, and the significant support levels we have identified.
Trade Safe.
In this analysis, we take a look at Ethereum (ETH), and explore the potential bounce that is in play for the short term.
Analysis
- Ethereum has been on a mega steady bullish rally for weeks.
- It has gone through a phase of breakouts, consolidations, and further breakouts
- The rally has been consistent, with an ascending trend line support demonstrating the direction of the trend
- We have seen that the previous times Ethereum consolidated, the 0.382 and 0.618 Fibonacci retracement levels acted as strong support
- As such, we could expect strong support at the current 0.382 Fib retracement support
- Technical indicators also demonstrate potentiality of a bounce
- The Stochastic Oscillator is at oversold territories, forming a golden cross
- The Relative Strength Index is also extremely oversold
- While the Moving Average Convergence Divergence (MACD) demonstrates huge bearish histograms, it's important to note that the MACD lags compared to the other two indicators.
What We Believe
In summary, we could expect a technical bounce at current levels, based on the overall trend, and the significant support levels we have identified.
Trade Safe.
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
相關出版品
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。