ETH: Trying to make a weekly close above 21 EMA for BITSTAMP:ETHUSD by mukit1

ETH is seeing a very strong bounce after getting support from a high volume node on VPVR. We can also call it a test of 50 week EMA (green line). Now ETH is looking to close above 21 week EMA . This asset is looking stronger than BTC at this moment. As we have seen time and time again, ETH leads the market to the upside from the gutter. A few concerns still larking around…

1. Volume is low. A lot of money is on the sidelines now. Maybe a weekly close above 21 EMA (blue line) will change that.

2. Mid Bollinger Band resistance is also lining up with the last lower high. That will be the real test.

3. ADX is dropping and DI Minus is dominant. Since ADX and all DI are above 20 level, it is still a tug of war between bears and bulls.

Positive notes:

1. BTC is breaking out to support a major move for ETH.

2. MACD is potentially printing a loss of downward momentum in histogram in over a month.

3. RSI is ticking up.

ETH saw the same signature with RSI and a close above 21 week EMA a few weeks back which failed very quickly. Big difference this time is the MACD histogram signature. This week’s close on ETH is very important for overall crypto market. Traditional markets are making ATH . It is time for crypto to get some love!!!

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