As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I’ve seen my fair share of bull runs and bear markets. The current rally of Ethereum (ETH) has been captivating, to say the least. However, as we all know, past performance is not a guarantee of future results.
Despite the introduction of Spot Ethereum ETFs, there remains a significant amount of skepticism surrounding the second-largest cryptocurrency by market cap. Can this ongoing surge in value disprove the naysayers and sustain its momentum?
$ETH needs to overcome resistance
On a brief analysis of the 4-hour chart, it appears that the Ethereum price has breached its descending trendline, tested it again, and is currently hovering near the middle. Since it almost dipped to the 0.382 Fibonacci level, if this upward trend persists, it may indicate a bullish outlook.
To put it simply, we’ve found resistance at approximately $2,700 and $2,800. This resistance might line up with the 4-hour stochastic RSI reaching its peak, or alternatively, the price could have surpassed these levels by then, turning them into potential support points instead.
Upside momentum is coming for $ETH
From a weekly perspective, it’s clear that the resistance levels around $2,500 and $2,100 are quite robust, providing a solid base for the bears. Conversely, these same levels appear equally powerful on the upside, acting as strong supports for the bulls.
From my perspective as a crypto investor, when I look at the chart, it appears that the Stochastic RSI is nearing its lowest point. When these indicator lines reach this low point and subsequently cross upward, it’s often a sign of substantial upside momentum to follow for ETH‘s price.
$ETH gains a weekly close victory against $SOL
Regarding its continuous struggle against SOL, which aimed to exceed the SOL/ETH pair limit, the weekly closing trend favored ETH significantly. This is because the price ended up within the established range, and moreover, it exhibited a long tail pointing upward, indicating a strong attempt to rise above the range during that period.
As an analyst, I’m observing that $SOL has managed to reclaim its high range, yet a downward cross appears on the Stochastic RSI for $ETH. This could potentially mean that $ETH might assert dominance over $SOL temporarily, at least in the short term. However, it’s important to note that this indicator won’t fully confirm until Sunday evening, allowing for a week’s worth of market fluctuations before we can make a definitive conclusion.
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2024-08-12 15:02