Ethereum continues to rise steadily and will not take long to reach the next resistance level at $818. On the VPVR on the right we see a small spike at the level of the monthly open that can serve as local support. Furthermore, there is relatively little new information on the weekly chart compared to last week's analysis.
On the 12h chart there seems to be a retrace after the price has broken the red trend line. Is this tested on the lower timeframe or does ETH still go a bit deeper towards the support zone which also has confluence with the Fibonacci 0.382.
This chart also shows the VPVR around the monthly open solid support zone which also has confluence with the Fibonacci 0.618 and ema55 which is often tested again and a run upwards.
The rsi has been rejected on the 70 and is now on its way to test the ema. We see the lbr hopping after it to do the same.
The 4h candle doesn't manage to close above the red trend line but still gets support from the Fibonacci 0.236. Here you can also see that a small order block has arisen which can still be used for local support.
The price is far away from the ema's what a possible test on the ema's can mean. Looking at the risk we see that it has also dived under the ema. Measuring the last wave up on the 4h we see that the golden pocket here offers confluence with the previously mentioned support zone and the 12h Fibonacci 0.382.
Conclusion:
On the shorter timeframes, we will probably first decrease slightly towards the support zone at $650 - $670. If this support somehow doesn't hold up, the next support around the monthly will be open. There is also a small chance that the small order block on the 4h will give support now and we might see the 818 dollar today or tomorrow.
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