Weekly chart:
https://www.tradingview.com/x/FHohdNFf/
The Fibonacci levels have done an excellent job in recent weeks. Last week's candle close was in the bear block above the 0.382 Fibonacci level and the current candle has also opened up strongly. If we are going to break the red block this week we are going to take a look at the lower timeframes. We could use a bit more volume here as it is in a descending line. The rsi is in the neutral zone but is still experiencing resistance from the ema. They are now very close together and a bullish crossover would be ideal to go through the red block.
1D chart:
https://www.tradingview.com/x/zq21Pxqs/
After a long fight with the ema, the rsi has managed to cross this bullishly. At that point we had a beautiful bounce on the ema100 and there is also a higer low on the chart. Yesterday ETH didn't manage to break the local higs, and it remains to be seen if that will happen today. It doesn't matter if that wouldn't work out and we're going to go down a bit again. As long as we are able to put a new higher low, that's fine. The ema's are still pretty bullish but the rsi shows that he is cooling down and will probably test the ema. I wouldn't mind if the monthly open (MO just below fib 0.382) would be tested.
4h chart:
https://www.tradingview.com/x/i9mXVRcS/
Here is good to see that the local zones are well respected. After a higher low was set, the stoplosses are then also ff tricked. Then the course went up in a big gear and broke through the blue zone and also tested immediately after. At this moment there has been a retest on the yellow zone. If we measure this inpulse wave up with the fibonacci tool the 1h - 4h golden pocket is on top of the blue zone (if you will pull it through).
However, the ema's are still in bearish mode but the bearish momentum starts to decrease. As it seems now we can expect a bearish rejection or a bullish crossover soon. The rsi has dived under the ema for a while but is very close parralel to each other and is in the bullish part.
As long as we can maintain the red block on the higher timeframes it is likely that ETH will go towards the $440. However if there are candle closes on HTF below the red block we will have to look at the $340.
If you want to read more analyses and on lower timeframes of me, please be welcome in our crypto Discord server.
