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Ethereum - is there any trend on the chart?

26th April 2022

 
Ethereum Daily chart and RSI by ART Invest
Ethereum Daily chart and RSI. Picture built using TradingView

In the ETH/USD daily chart, we can see that it’s now taking support on the all-time long-term bullish trend line. Retesting happened with a pin bar rejection candle, which indicates the initiation of a new short-term bullish trend.


Also, the daily RSI line indicates the bullish divergence signal, which also supports the mid-term trend reversal.

Ethereum Trend by ART Invest
Ethereum Trend. Picture built using TradingView

Near the lower trend line of the long-term bullish trend line, we can observe a rectangular midterm consolidation pattern formation and that price movement made the price break upward of two midterm bearish trend lines upward. That indicates the continuation of the short-term and mid-term bullish trend.


The current short-term bearish trend is now heading towards the lower trend line of the long-term bullish trend and the price took support around the 2820 – 2920 support zone which is also associated with a midterm trend line crossing.


Considering all that, we expect the ETH/USD to reverse its current trend into a short-term bullish trend around the 2820 – 2920 support zone and that trend will reach 3520 – 3630 resistance in short term to retest the upper trend line of the rectangular pattern formation.


Ethereum Trend by ART Invest
Ethereum Trend. Picture built using TradingView

In conclusion, ETH/USD is now in a major support area and retesting the long-term bullish trend line. We expect the short-term bearish trend reversal to happen at the current market price levels around the 2820 – 2920 support area.


Price will achieve the 3520 – 3630 area in the upcoming short-term bullish trend. So considering the price position, it’s a good buying opportunity at the current market price levels.


These short term and mid-term bullish technicals are valid as long as price stays above the 2430 – 2540 area , which acts as the next support area, so better to use that area as a stop loss.

 

Hope this was useful for you! If so, hit the like button to make me feel good. Please note that the above content is not an investment advise and shall be considered only for informative purpose.


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