After spending a couple of months chewing away at very strong, historic support and finally breaking it, Ethereum (ETH) has for weeks been searching for a bottom of its collapse. And on some medium timeframe charts, it looks like support may be forming that bottom.
Starting with the 3-day ETH/BTC chart, price is ranging in a very wide zone of support - a support from all the way back in 2017 (blue band). The ranging is coming on falling volume, and we can see that sell volume finally tapered off.
For immediate price action, we see decent support above .0212. MACD is curling to the upside, and histogram is beginning to accelerate to the upside.
Coming down to the daily ETH/BTC chart, we see some stronger signs of health. Price has been flat on mostly flat volume, but closed yesterday just under the 9-day exponential moving average (EMA). We see that price is now crowding this EMA (green), and could easily finish the day above it.
We also see strong performance here on all the indicators: on the RSI there are a pair of bull divergences; and both the histogram and MACD have crossed bullish to the upside. It is easy to imagine a counter-rally here.
On the ETH/USD side of things, on the 3-day chart, we see that $211 is being held aggressively - and this level perfectly conforms to a support zone from November 2018. Volume has dropped off sharply in recent weeks, and the bears seem to have been scared away from the $200 zone.
Indicators here look okay: RSI has stabilized here, and the histogram is now aggressively reversing its course up.
This showing is mostly repeated on the daily, with RSI rising along with price - although here the histogram has taken an undesirable arc.
Altogether, there are plenty of signs that things are picking up. Volume is not there yet, and there are no indications of confirmation anywhere yet - although that may soon change. It has really been a journey for Ether, and a recovery here may help the entire altcoin space.
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