Ethereum Price Key Highlights
- Ethereum price has been on a downtrend on its longer-term time frames, but it looks like the tides could turn.
- A double bottom pattern is visible on the 4-hour chart and price is making its way up to test the neckline at 0.0040.
Ethereum price could be in for a long-term uptrend if it is able to break past the neckline resistance soon.
Technical Indicators In Favor Of the Bulls
The technical indicators on the 4-hour time frame support further gains in ethereum price, as the 100 SMA just crossed above the 200 SMA. This signals that the path of least resistance is to the upside from here, indicating that price might have enough energy to surge past the neckline and sustain its climb.
Stochastic is pointing up, confirming that bulls are in motion. Similarly, RSI is heading higher, which suggests that buying pressure is in play for now. However, if the neckline holds as strong resistance, another bottom at the 0.0015 area could be formed.
Price is still halfway through its