$ETH: It’s too early to talk about a turnaround—the evidence isn’t there yet
The rebound hasn’t shifted the weak outlook. The latest price is only slightly above the most recent completed daily close, and it remains well below both the short- and long-term moving averages. Prices have risen a little, but their position hasn’t changed much. Trading volume on the completed daily candle was below the recent average, which makes this recovery less convincing.
Still, the lower end of the recent range has held, and there’s not yet enough evidence of a sustained move lower. If a future completed daily candle closes back above both moving averages, accompanied by a recovery in trading volume, the current weak outlook will need to be reassessed.
Watchlist: Range low: 2281.22; range high: 2698.63; closing prices and volume changes beyond the range boundaries.
#MarketWatch
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The rebound hasn’t shifted the weak outlook. The latest price is only slightly above the most recent completed daily close, and it remains well below both the short- and long-term moving averages. Prices have risen a little, but their position hasn’t changed much. Trading volume on the completed daily candle was below the recent average, which makes this recovery less convincing.
Still, the lower end of the recent range has held, and there’s not yet enough evidence of a sustained move lower. If a future completed daily candle closes back above both moving averages, accompanied by a recovery in trading volume, the current weak outlook will need to be reassessed.
Watchlist: Range low: 2281.22; range high: 2698.63; closing prices and volume changes beyond the range boundaries.
#MarketWatch
Disclosure: This article participates in the platform’s content mining program and may earn trading rebates and engagement rewards.