ETH-USD failed to establish a fresh all-time high falling short at $14.85. Following this upward extension, the market drifted lower, posting a recent low at $10.29. Since Saturday, the downward trend in ETH-USD has reversed and the market has pushed the price up 4.39 percent today alone on the Kraken exchange, with the price currently trading at $12.5999.
The chart below shows the long-term outlook with the 4-hour price action and shows that the $13 handle is critical going forward since the Ichimoku cloud is currently offering resistance around this area. Therefore, we should look to enter long position in ETH-USD is the market manages to sustain itself above the Ichimoku cloud. Alternatively, the market could fail to break above the cloud and drift back down below $13 and stay below the Ichimoku cloud.
However, the chart below indicates bullish momentum will likely dominate; this is signaled by the fact that the conversion (blue) line is trending higher above the base (dark-red) line. The conversion line should offer support going forward, and the first indication that the market might establish a downward trend is when the market closes below the conversion line