We had the retrace to the $530 where also the Fibonacci 0.618 is located. A higher low has been set on the daily and the price is currently experiencing resistance from the 0.236 Fibonacci level where also confluence with the striped trend lines opens the monthly and weekly.
The rsi has been bounced twice from the 50 line and is currently in battle with the ema to either cross bullish or redirect. The lbr does almost the same and we also see the bullish momentum increasing. The macd is also on its way to a test and we see the bearish momentum decrease.
In red you can see a bullish triangle on the top. The trend line hasn't been tested again and this would be a perfect buying moment for now as we see confluence with the support zone and just above the Fibonacci 0.5. But at the moment the trend line is running with the EQ of the range ETH is currently in.
On the lower timeframe, the price is in its own sideways trend where the EQ's of both timeframes are so on the same line. The rsi already shows a slight rejection of the ema and is currently also pushed below the 50 line. The lbr is already a little further below but after the crossover has not yet shown a retest.
Conclusion:
Longterm just still bullish. On the lower timeframe we can keep an eye on what is waiting for longterm. If we break the oath range at the 1h at the bottom then the most obvious scenario is to visit the bottom range of the 4h at $550 - $565. This would be a perfect buy spot for longterm but to get really mega bullish on Ethereum the top of the range (610 - 622 dollars) at the 4h will have to be broken and possibly tested. Until then I expect further sideways movement. But should the price also fall below the 4h range low then $500 is major support.
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