Hi Traders! Ethereum technical analysis and forecast is here. As we do in every technical analysis post we are going to perform the technical analysis on Ethereum in this post. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available!
Ethereum H4(4 Hours) Chart Analysis – Bullish Divergence, Downtrend Line Breakout, Bullish Trend Pattern, Triangle Breakout
On the H4 chart, the price which was moving lower has created a double wave down with a bullish divergence that has formed between the first low that has formed on 7th September 2020 and the second low that has formed on 23rd September 2020 based on the MACD indicator, which we may consider as evidence of bullish pressure. Then the price which was moving higher has broken above the downtrend line we may consider this as another evidence of bullish pressure. In addition to this, the price then created two higher highs, higher lows pattern and after the second high, the correction happened in the form of a triangle pattern. Currently, the price has broken above this triangle pattern and has created a new high thus creating a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as yet another evidence of bullish pressure. So based on all this, my view remains bullish here and I expect the price to continue higher further until the uptrend line (marked in green) holds.
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