Ethereum's weekly chart hides mysteries, is this rebound about to take off?
This week's Ethereum candlestick is quite interesting! It closed with a small bullish doji after last week's big bullish candle, and the trading volume is solid. After the price retraced to the support level of $2120, it bounced back like a spring, now firmly standing above the weekly MA30 moving average, just right at the midpoint of the red box. Is there something to this rebound?
Although the MA30 is still trending down, the MACD is secretly gaining momentum below the zero line, and the upward momentum is clearly increasing. Technically, this wave must be bullish!
On the daily chart, Ethereum is following Bitcoin. Yesterday it closed with a candlestick that has upper and lower shadows, and the trading volume has moderately increased. The MA30 is starting to rise, and the MACD is hovering near the zero line, with the short-term direction still undecided. The price has now risen above the daily MA30, and whether it can break through depends on whether Bitcoin can perform well! If Bitcoin breaks through its previous high, Ethereum could test the resistance level at the upper edge of the red box in no time.
The market has reached a critical point, and changes in trading volume are the signal for a breakout. Is it time to keep a close watch on this wave of market movement?
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