Weekly chart:
https://www.tradingview.com/x/t74SZLaC/
Ethereum has not yet been able to go through the bear block on the weekly chart. Last week the price did not go out of the range of the fib 0.5 and 0.382 and continued to be resisted by the ema8 and even the candle was close underneath. The rsi and the ema have come a little closer together but not yet significantly enough. Are we going to close under the ema8 again this week and should we look at the bull block or are we finally going to break the bear block? We're going to zoom in further.
1D chart:
https://www.tradingview.com/x/oTzqwp6N/
On the daily chart we went down a bit as expected. After the hanginman there was a drop of more than 9% with a bounce on the ema55. This candle from 4 days ago could be a higer low but I'm not very sure about that myself. We see that we have only closed above the ema8 since yesterday, but just above that there is resistance of the ema's 21 and 55. We also see the volume decreases significantly and the rsi remains below the center line to change places with the ema. We are going to the 4h and 1h to see what we can expect today.
4h chart:
https://www.tradingview.com/x/VCOfpcen/
The 4 hour graph already looks a little more positive. Here ETH has put a nice higer low after the stoplosses have been tricked. Now it is important to create a higer high and for that ETH has to go through the blue block. When this happens it is most likely that the highs in the yellow block will be tested. Here we also see confluence with the volume profile (left on the chart). We can also see that the sma100 is crawling below the course. This is positive for an upward move. The rsi is still crawling upwards together with the ema which is tested quite often by the rsi.
1h chart
https://www.tradingview.com/x/iGdnIKgZ/
Also here ETH always knows how to carefully put a higer low but a higer high does not yet succeed so that an ascending triangle is formed. This pattern breaks out just a little more often to the top than to the bottom. In the pattern we also see the volume going down which fits the pattern. On this timeframe the sma200 tries to serve as support, but doesn't really know how to keep up yet. The best thing would be to make a higer high on this timeframe which is a good omen for a higer high on the 4h. Looking at the rsi we see that the flinjk has been pushed back through the trend line and is currently diving below the middle line again.
