Ethereum is gradually nurturing an uptrend towards $2,000 despite the frequent rejections from new all-time highs. At the time of writing, ETH is teetering at $1,910 after losing steam at $1,954. The ongoing correction risks dropping into the $1,800 range; thus, there is a need for higher support.
The 4-hour chart confirms that the pioneer altcoin still has a bullish impulse and is likely to resume the uptrend toward $2,000. Meanwhile, the Moving Average Convergence Divergence (MACD) adds credibility to the uptrend.
It is essential to note that the MACD is a momentum oscillator applied in trading trends but rarely used to identify overbought and oversold conditions. The indicator presents itself on a chart with a couple of trendlines oscillating with no boundaries. Note that the crossover of these two lines is a trading signal resembling that of the average moving system.
ETH/USD 4-hour chart
It is essential to keep in mind that crossing above the midline (zero line) is regarded as bullish while crossing below the same line is bearish. Moreover, when the MACD line (blue) crosses above the signal line, it is bullish. On the other hand, the trend tends to flip bearish when the MACD line crosses under the signal line.
Therefore, the Ethereum uptrend is still intact and could get aggressive as soon as buyers flip the $2,000 level to support. For now, holding above $1,900 is key to the continuity of the bullish outlook.
It is worth keeping in mind that Ethereum will abandon the upswing to $2,000 if losses extend below $1,900. The 50 Simple Moving Average is in line to halt declines from developing under $1,800.
Ethereum intraday levels
Spot rate: $1,910
Relative change: -30
Percentage change: -1.5
Trend: Short bearish bias
To keep track of DeFi updates in real time, check out our DeFi news feed Here.
Source: Read Full Article