More On: eth
Over $7 billion has been taken out of Tether, prompting further concerns about the stablecoin's support
Last Friday, the bulls finally broke above the consolidation pattern on the 4-hour chart for the first time in a long time.
After the 50-EMA crossed over the 200-EMA, the rising moving averages help keep the bullish momentum going. This isn't the only thing that looks like the price goes up and down. Between 3045 and 2818, the price of this cryptocurrency is swinging between these two points. As long as the price stays above the EMAs, the bullish outlook for the price would stay in place. There must be a clear break above 3045 to keep this uptrend going. That's been a strong level of resistance for more than a month. This level is also important for the Ethereum coin because it is the 127.2 percent Fibonacci extension of the previous downward swing, which makes it a very important point.
If prices fall more, buyers will have a better chance of getting strong enough to try to break through 3045 again. As soon as bulls get through this area, they may have to face the 161.8 percent level at 3088. By holding above this barricade, the price will rise to 3151 and 3255, depending on how strong the move is.
However, short-term momentum oscillators don't seem to agree with the current bullish trend at this point in time. By making lower tops, both the RSI and the momentum have shown signs of being different. There is a lot of momentum behind the 100-threshold, and it's going down. There is less optimism in the market if the MACD bar is going down, because it gets smaller and smaller.
In this case, if sellers follow divergent oscillators when they enter the market, the price can fall to meet the 50-EMA. This is because the fast EMA didn't work. The 200-EMA, which is 2818, could be a support. The broken triangle line might make things look bad if the hurdle is crossed.
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