Ethereum MTF Technical Analysis

27 août

Ethereum is now trading at 2600$ and this month saw a lot of volatility but mainly bearish as price when from above the 3000$ level down to the exact 0.236 fibonacci level at 2130$.
The august monthly candle is printing a long lower shadow and the close above or below the 24 months EMA will be crucial to indicate a global trend. It will be 3 bearish candles in a row, which has been the maximum over the last 4 years although we saw a 7 months in a row decline back in 2018.



On the weekly, price is still trading above the 200 MA which is acting as support meanwhile the 50 MA is a good indicator of the current trend: a close below is often bearish in history.
Globally, price is consolidating with higher lows since May 2022, however we are still not seeing a new ATH since the 5000$ ETH in late 2021.



On the Daily, the start of the month decline printed a death cross between the 50 and 200 MA, at a low angle though.
Since then, price recovered a bit and oscillators remain bearish.
The Bollinger Bands are indicating a consolidation which is often preceding a huge move.




The 4 hour chart is more interesting though. We can better see that ETH is trading in a range / horizontal channel.
The Stoch RSI is indicating that price is currently oversold.
Price is likely to bounce on the lower line of the channel, and a breakout below would be catastrophic for the bulls.



In conclusion, indicators are currently bearish on most timeframes, although still bullish on the very long term (monthly+) as long as this month closes above the moving averages.
The next targets for the bulls would be 2800$ then 3100$, and for the bears 2500$ before 2136$.