Ethereum analysis for May 29th, 2023.
Crypto-currencies
2023-05-29 12:56:37
Blue lines - bullish channel
Red line- resistance
Black line- bearish RSI divergence
Ethereum is trading around $1,900. Medium-term trend remains bullish as price continues to trade inside the blue upward sloping channel. Sunday close found Ethereum ready to break out above the red downward sloping resistance trend line. Price is very close to confirming a short-term trend change. Respecting the lower channel boundary was key for the medium-term trend. Bulls managed to respect support at $1,800-$1,820. This has lead to a break out above the short-term resistance. Is a new upward wave starting? It is important for bulls to remain above the lower channel boundary.
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