Ethereum (ETH), the leading smart contract crypto, has been worrying fans and investors lately, by scraping the bottom of a critical support zone. But today, it seems to be showing some signs that it’s picking itself up.

We recently covered ETH’s problems, and gave it until the end of the week to sort itself out on the weekly chart. Now, looking at the daily ETH/BTC pairing – which is the problematic chart – it seems to be doing so.

The daily picture doesn't look bad(source: TradingView.com)

There are plenty of positive signs in the above chart. Most notable perhaps is yesterday’s doji candle which signaled a potential reversal, followed by today’s strong showing from the bulls.

The doji marks a double bottom, and the RSI is curling up after a clear bullish divergence from that bottom. The histogram is ticking up so far today, and the MACD moving indicators are contracting – and looking like they could cross bullishly in a few days. Finally, trading volume is strong for the day and looks like it could easily surpass yesterday’s at this rate.

It’s not all roses. The 9 EMA has repulsed today’s progress, and a band of the thicker part of the resistance (marked) keeps pushing ETH/BTC out like a sliver from a foot. Closing the day above both of these levels would go a long way.

Moving to the 4-hour, the most important indicator is the Histogram/MACD (bottom panel). We see the MACD has crossed bullish – a pretty reliable swing trade indicator on the 4-hour chart – and that the Histogram has taken some strong ticks up.

It would be a shame to mess up this 4-hour chart!(source: TradingView.com)

However, at time of writing Bitcoin is pumping. We can see what this has done, and has been doing to ETH’s chart. Closing above at least the 9 EMA on this candle would be better than nothing, but maybe not even enough to keep the upward momentum.

A falling wedge, at the top of the range(source: TradingView.com)

Finally, we have a glance at the ETH/USD chart. We see something interesting here: price is bunching up against the top of what can easily be a falling wedge pattern. We see here RSI rising, and MACD/Histogram consolidating. We could easily see a breakout here into the red resistance zone above – if only ETH/BTC could muster a bit more strength.

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