Greetings! In this article, I will go over my technical analysis I did today and explain what indicators were notable and future potential scenarios of the Ethereum price action.

1.4k soon?

During the past few weeks, Ethereum has been on a constant downward trend (Ever since it's rally towards 1.7k). Ever since then, it has been rejected from all daily EMA levels and as well as been stuck inside a descending channel. Due to this, along with other technical factors, I believe Ethereum will soon hit 1.4k within the next week or two.

4-hour time frame:

In the 4-hour time frame, the RSI is still within neutral territories. However, the MACD is currently in way overbought territories, which means that sooner or later, a bearish cross will confirm and it will result in a bearish move towards the downside during the next few days or so. This makes me suspect that this downside move will be to 1.47k due to the bottom support of the descending channel being at that point.

24-hour time frame:

In the 24-hour time frame, the RSI is still hanging near oversold territories. The MACD is still in a bearish move, however, it is beginning to curve. This curve, within the next few days or week, would result in a bullish cross. While this does indicate that there may be an explosive rally for Ethereum in the coming days, there is still the issue of the EMA resistance levels. Currently, Ethereum is still well-respecting the 20 EMA (Which is under the 50 EMA) resistance level. Furthermore, the likelihood of Ethereum breaking through major resistance levels, such as the 200 EMA without any bullish catalyst is very slim.

Weekly time frame:

In the weekly time frame, the RSI is still neutral, yet still under RSI resistance, thus preventing low-momentum retests from breaking out. The MACD is also printing a stronger red bar than before, however the MACD is still somewhat curving. Despite the MACD being somewhat bullish, Ethereum still is under the 200 EMA support level (Which is a crucial point of support for Ethereum). Without this support region along with the RSI resistance. Ethereum is likely to not hit higher price targets. 

Conclusion:

Due to the descending channel, the RSI resistance (Weekly) and the macroeconomic factors, it is likely that within the coming weeks, Ethereum could definitely hit 1.45k-1.4k along the descending channel (Before some kind of rally).