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On the daily chart, the price which was moving lower created a bullish divergence that has formed between the first low formed at 1747.55 and the second low formed at 1383.13 based on the MACD indicator. The price then moved higher and broke above the last high at 2102.65 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. We may consider these as evidences of bullish pressure. Also, the price which is moving higher has broken above the most recent downtrend line which we may consider as another evidence of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. So everything looks good here for the bulls and we may now move down to lower timeframe and see if we can find evidence supporting this bullish view.
On the H1 chart, we have a strong bullish momentum and also currently there are no signs opposing this short term bullish view. Also while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 23.6%(2504.86) – 38.2%(2360.68) Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 50%(2244.15) – 61.8%(2127.62) Fibonacci retracement levels of the strong bullish move. Until both these key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
Ethereum D1(Daily) Chart Analysis
Ethereum H1(1 Hour) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team
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