Reasons to be bullish based on technicals as shown on the chart:
Bounce off of EMA 200 at the end of April
Strong accumulation trend shown on CMF 20
As of July 6, lingering in oversold territory on the RSI histogram
Relative volume on an uptrend
Reasons to be bullish based on fundamentals:
Crude oil’s recent resurgence
Recent insider buying...
As can be seen in the relative volume chart attached, a surge of volume came in around the 21st of June when ETH dipped down below $2,000 for a couple of days.
That strong support seems to have helped keep an extended bearish run at bay, and is perhaps sparking a bullish run past the established resistance between $2300 - $2400.
Taking a look at the daily over long time frame, it appears that ETH is not willing to break below that EMA 200 death cross. Let’s see if that signifies a bottom in this bearish trend over the past month.
