Daily ETH Update
The ETH chart is currently looking a little uninspiring. Although technically still in a long term uptrend, price has been pretty much moving down since November 11th. On the positive side I believe we have found the local bottom. I've placed a white rectangle around previous bottoms and all of them are characterised by low RSI's, red (negative) OBV and the Normalised MACD hitting the low of -1 at least once.
Unlike BTC, ETH has not yet managed to break the RSI downtrend yet. Before we can have any confidence in ETH moving into a new uptrend we need to see:
1. RSI must swing up and break through RSI downtrend line.
2. OBV must move above the centre line (green).
3. Price action needs to break the local downtrend line on the chart.
Unlike BTC, ETH has not yet managed to break the RSI downtrend yet. Before we can have any confidence in ETH moving into a new uptrend we need to see:
1. RSI must swing up and break through RSI downtrend line.
2. OBV must move above the centre line (green).
3. Price action needs to break the local downtrend line on the chart.
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