Ethereum is bullish, but an RSI divergence was found for BITSTAMP: ETHUSD by GabiDahdouh

Hi everyone as we all know the market action reduces everything 🙂

_________________________________ Make sure to like and follow if you like the idea ________________________________

ETH was on one bullish trend since declining to around $ 1,780 on July 21st and increasing in value by almost 148% and on Friday, the price of Ether (ETH) has risen to new levels all the time high ( ATH ), as it hit $ 4,460 yesterday after the Altair upgrade shows a clear path to the merger and started today with Bullish but the market has returned to a. vice versa Bearish Day the coin price dropped to 4318.29 at the time of this idea.

Possible scenarios for the market:

Scenario 1:

The price has fallen today after a sharp rise in the coin value over the past few days, we could see a correction in the market that could bring the price back to the first Support area Near $ 3873.15, or even the second resistance at $ 3558.91 as you can see on the chart, we were able to a. recognize Bearish Divergence between market and RSI .

Scenario 2:

After the Altair upgrade shows a clear path to merger, the market has appreciated sharply in value, which is likely the start of a strong one Bullish Movement for the ETH coin, the first goal will be the Resistance level located at $ 4,492.47 and from there it will go to the second Resistance zone at $ 4766.45 where the market could take a small correction before going back into one Bullish trend on the way to the $ 5,167.20 level.

Technical indicators show:

1) The market is above 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Signature)

2) The RSI is at 61.65 showing great strength in the market. A Bearish A divergence has been identified that could soon lead to a decline in the market.

3) The ADX is at 32.31 showing that the market is trending with a positive crossover between DI + (21.80) and DI- (10.63).

Weekly Support & Resistance Points:

Support resistance

1) 3768.02 1) 4467.61

2) 3367.27 2) 4766.45

3) 3068.43 3) 5167.20

Basic point of view:

Cointelegraph reported Thursday that the ether The 2.0 Altair Beacon Chain Update got off to a successful start with 98.7% of the nodes being updated at this point. A successful Altair upgrade to the Beacon Chain was seen as a key factor paving the way for the merger with the ether Mainnet and the transition to a proof-of-stake consensus mechanism in ether 2.0.

Ethereum’s success is also being driven by the platform’s use in the booming decentralized finance and non-fungible token sectors. They highlight the continuously increasing demand for ether in the future and thus provide additional tailwind bullish Outlook for the fourth quarter of 2021 and possibly until 2022.

This is my personal opinion made with technical analysis the market price and online research by Fundamental Analysts and News for The Fundamental from a perspective, not financial advice.

If you have any questions please ask and have a nice day !!

Thanks for reading.

Comments are closed.