ETH Looks Very Solid Except for One Indicator — Price Analysis

  • LTF (Low timeframe) trend: Sideways consolidation looking to end soon
  • MTF trend: A period of consolidation likely to yield a new uptrend soon
  • HTF trend: Strong bull trend obtains, with one worrying indicator

Ethereum (ETH) looks really good and has held almost all its gains from Jan-Feb. A bull flag looks ready to break out again, and even the HTF indicators look excellent – save for the weekly histogram, which is bowing bearish along with Bitcoin’s (BTC).

Beginning on the ETH/Bitcoin weekly, we see almost all bullish features. Ethereum has closed above the 55-week EMA for two weeks in a row; the last time this happened was in July of 2018 (yes, 18). We also see that the EMA fan is making steady progress back to a bullish configuration (smallest EMA on top), with the 8 looking on track to overtake the 55 sometime soon-ish.

Looking stellar, except for a cooling histogramETH chart by TradingView

However, like on the Bitcoin chart, we see the histogram taking a definite downward tack with a bearish arch. This could signal a longer MTF period of consolidation or downtrending than we have seen in the past two weeks; and if that does play out, it would not necessarily be a bad thing for the long term bull trend which is still very much intact.

Turning to the daily ETH/Dollar, we see Ethereum holding well after its Jan-Feb explosion into historical resistance. Even the 8 EMA has been held, and the profile is of a bull flag consolidation just under that resistance.

Pretty likely break up from this consolidationETH chart by TradingView

A sharp bear divergence on the RSI did not translate into much more than a docile consolidation, and the RSI is already looking to recover. The histogram too seems to have little interest in falling lower, and could easily reverse back up from here. ETH looks bullish on this chart, simply put.

Finally, on the LTF (4-hour) ETH/Dollar, we see that well-behaved consolidation repeated on the histogram, likely drawing to a conclusion. The generally bullish profile is more likely to precipitate a break up and out of this consolidation pattern.

Consolidation likely to end soonETH chart by TradingView

In all, ETH looks better than Bitcoin at this time; but like Bitcoin, the weekly histogram is the one wrinkle in the fabric, looking like it definitely wants to point down. We may or may not see this: in bull markets, surprises come in the “up” direction. On the low and MTF charts, ETH looks fantastic and is holding almost all its gains, and the week looks promising for the blazing leading altcoin.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com