Ethereum has seen an increasing value for ETH since it hit its all-time low of back in December last year. However, after testing the 9 resistance back in June, its value has been steadily falling since then, with a current value of around 0.
The weekly chart shows the price trend following an upward sloping parallel channel, with the latest candle having closed outside it on the 23rd. Though this is indicative of a breakout, the week is not yet over.
The price is likely to be tested at the mid-line of the channel, after which it will either fall back down to the lower channel line or break upwards out of the pattern.
Though the 21-day moving average is trending above the price currently, it is likely to make a move back under soon into a bull market. Though MACD shows ETH just recovering from a bear market, a bullish crossover is likely to occur soon. With the red bars starting to shrink, a flip to the green side will probably occur soon, resulting in a bear market sometime around mid-October.
Overall, Ethereum has been seeing higher highs as well as higher lows since December 2018 and is likely to continue to do so in the long run.
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