Ethereum Bullish Engulfing & Divergence | $225 ETH Now Possible?
We know that Ethereum (ETHUSD) goes together with Bitcoin (BTCUSD).
We are seeing BTC go up and ETH is doing exactly the same... Let's look at the signals here.
For Bitcoin, we looked at bullish divergence on the MACD and RSI as the main signal, you can see it here:
For Ethereum, ETHUSD, the bullish divergence with the MACD is much stronger, you can see it marked with purple lines on this chart.
The divergence is not present on the RSI, but we have the bullish engulfing candlestick pattern, where the candle on the right completely covers that on the left.
We also have really high volume, the biggest volume bar for ETHUSD on the daily timeframe since June 2019.
The signals are out... Ethereum is about to produce a very nice run, according to the signals coming from this chart.
Conditions for change
Charts are always changing... Every 24 hours a new candle is printed and everything can change. If ETHUSD losses momentum and starts to move lower, the above signals can become invalid and a new analysis is needed. Right now the chart is extremely bullish, but make sure to always have a plan before jumping into any trade.
Thanks a lot for reading.
This is Alan Masters.
Namaste.
We are seeing BTC go up and ETH is doing exactly the same... Let's look at the signals here.
For Bitcoin, we looked at bullish divergence on the MACD and RSI as the main signal, you can see it here:
For Ethereum, ETHUSD, the bullish divergence with the MACD is much stronger, you can see it marked with purple lines on this chart.
The divergence is not present on the RSI, but we have the bullish engulfing candlestick pattern, where the candle on the right completely covers that on the left.
We also have really high volume, the biggest volume bar for ETHUSD on the daily timeframe since June 2019.
The signals are out... Ethereum is about to produce a very nice run, according to the signals coming from this chart.
Conditions for change
Charts are always changing... Every 24 hours a new candle is printed and everything can change. If ETHUSD losses momentum and starts to move lower, the above signals can become invalid and a new analysis is needed. Right now the chart is extremely bullish, but make sure to always have a plan before jumping into any trade.
Thanks a lot for reading.
This is Alan Masters.
Namaste.
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