Technically, almost all indicators are now heading north, which is a bullish sign in the near term.
Change in Trend for ETH/USD?
Yesterday, I mentioned that that nothing goes up or down in a straight line, and Ether will sooner or later find support for a recovery. It did find support recently versus the US Dollar, and moved higher. Almost all lower timeframe charts are signaling a change in trend.
Let us start with the 30-min chart of ETH/USD. There was a bearish trend line formed as highlighted in yesterday’s analysis. The ETH bulls managed to break it, and took the price higher. The last 3-4 candles on the chart looks pretty bullish, and signaling more gains in the near term.
The same broken trend line may now act as a support zone for ETH. Moreover, the pair is now above the $10.80 level, which can also act as a buying are for the bulls.
No doubt, there are many positive signs emerging on the charts. Like, the 4-hours chart as well is pointing a break. There was a monster bearish trend line connecting the $12.82 high, which was cleared during the recent upside move.
However, we need to wait for the current 4-hour candle close. It should be above the trend line to signal a change in bias from bearish to bullish. Going forward, it may depend on buyers’ sentiment. If the bulls fail to gain momentum, then the recent break might turn into a false move.