Some days ago, we outlined prospects for growing strength on Ethereum’s (ETH) price chart. Today, there has been some small progress toward stronger support of the leading altcoin - but not enough to produce any dramatic event.
The scene remains one of consolidation, owing to the continuously falling volume on the ETH/BTC chart.
In general, ETH/BTC is stuck at the bottom of an important support, a very precarious place to be. However, we continue to see fragile signs of strength - as well as a potentially bullish ascending triangle pattern.
We can see this potential pattern below, uptrending between an important resistance (the exact December 2018 bottom) and a faintly uptrending price. The 55 exponential moving average (EMA) has also come into play, perfectly confluent with resistance.
RSI is also trending up, but we should pay attention here to the 4-hour MACD chart. We see that the histogram (pink bars) has crossed over to the positive side; but in order to maintain upward movement, we should put in a higher high from the previous peak. The MACD moving averages are currently trending up, but seem to be arching in for a contraction - not a good sign.
In all, ETH/BTC has a chance here to make some progress on the 4-hour chart. On the daily ETH/BTC chart, we continue to see that the larger picture is looking okay but still a bit weak.
A nice double bottom was met with a considerable bullish divergence on the RSI. But this RSI trend is slipping at time of writing - although the daily candle is far from close to closing.
So there is a chance for ETH/BTC to put in some solid gains. Volume remains very low, though - this is perhaps the main problem now.
Glancing at the 4-hour ETH/USD chart, we see that the faint potential for a breakout from a falling wedge pattern has not wholly been written off. However, volume is not showing up to push the leading altcoin out of this downtrend area.
As always, Bitcoin’s movements will likely determine what will happen at this critical moment for Ether. And for Ether, as well as for altcoins in general, the best case scenario out of Bitcoin is calm.
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