$ETH
Technical Indicators:
1. Moving Average (EMA):
The price is currently between EMA9 (1775.1) and EMA21 (1771.3), indicating volatility but the overall trend is upward as long as the price is above EMA50 (1760.9).
EMA200 is far below at 1689.1, indicating that the overall trend is still upward.
2. MACD:
There is a positive crossover between the MACD (blue line) and the signal line (yellow), which is a bullish indicator.
The histogram is also positive, but weak, indicating weak momentum but in favor of buyers.
3. RSI:
RSI(6) is at 48.08 and RSI(14) is at 51.04, close to the neutral zone (50), showing no overbought or oversold conditions.
This indicates a potential strong price movement coming, but the trend has not been decided yet.
4. Williams %R:
At -47.27, which is in the neutral zone, reflecting the same reading as RSI, indicating a balance between buyers and sellers.
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Key Points:
Strong support: around 1760 and 1740.
Nearby resistance: 1784 then 1802 (the highest price in 24 hours).
Breaking 1784 with a strong candle close may open the way for 1800+
Breaking 1740 downward may end the current upward trend on the hourly timeframe.
Summary:
The trend is currently neutral leaning upward, but the price needs to break 1784 with a strong close to confirm the continuation of the rise. On the other hand, breaking 1740 could indicate the beginning of a correction.
