Ethereum: Continuous Uptrend Through Consolidation 1H (Apr. 28)

X FORCE GLOBAL ANALYSIS:


Ethereum has been in a steady uptrend, creating higher lows and higher highs on the longer time frames. In this analysis, we explore the bullish probabilities of ETH, on the hourly chart.

Analysis

- Ethereum has created higher lows and higher highs through phases of consolidation
- We have broken through multiple fibonacci resistances, and found strong support above the 0.236 Fibonacci support
- The Relative Strength Index (RSI) is trading within a triangle, looking for a potential breakout
- We are currently going through a phase of consolidation through a broadening top pattern
- Despite the uptrend, we are trading around the middle of the envelope, indicating further upside.

What We Believe

Ethereum is on a slow and steady rise. Further upside after a breakout from the megaphone pattern is highly probable, especially taking into consideration the fact that Bitcoin is also on a steady rise.

Trade Safe.