Ethereum is attempting to repair its daily momentum. Is this a case of when broken is easily fixed? Covered:  How ETH Has Been Doing Lately ETH TA: Charts (W, D) What To Anticipate Next ETH TA: Ethereum Looking Good on Weekly but Sloppy on Daily? Like most cryptos, ETH has been performing choppy and sloppy […] The post ETH TA: What Ethereum’s Daily Momentum Is Saying… appeared first on CryptosRus.

ETH TA: What Ethereum’s Daily Momentum Is Saying…

Ethereum is attempting to repair its daily momentum. Is this a case of when broken is easily fixed?

Covered: 

  • How ETH Has Been Doing Lately
  • ETH TA: Charts (W, D)
  • What To Anticipate Next

ETH TA: Ethereum Looking Good on Weekly but Sloppy on Daily?

Like most cryptos, ETH has been performing choppy and sloppy from the daily perspective in December of 2021.

It would’ve been challenging to hold ETH if you bought it on the way up shortly after the liquidation break that happened earlier this month.

ETH has been steadily declining on the daily chart with choppy price action. But there are some positive clues we can take away by listening to what its charts are telling us.

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ETH TA: ETH Weekly

The weekly chart of ETH shows a textbook uptrend with a well-organized moving average.

Let’s look at the previous occasions where buyers stepped in at or near 21 EMA before ETH resumed its uptrend.

Price coming to 21 EMA is rather infrequent on the weekly chart, but when it does, it often provides a good entry for trend followers.

Also, there is a clean symmetry shown by two boxes (more details below in the daily chart analysis.)

The momentum oscillator shows that the fast momentum (yellow) is in the bullish zone but below the slow momentum (red). This is bullish to neutral.

Squeeze indicator shows that ETH has been in a low compression. If price consolidation continues, the weekly chart will print more compression dots (black dot = low compression).

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ETH TA: ETH Daily

Daily chart shows a series of long wicks during the recent price action, but they all got pushed up, suggesting that selling pressure was met by more buying each day despite its downtrend shown with its moving averages.

I marked the symmetry happening with thick grey lines on the daily chart to illustrate the importance of this simple tool. The symmetry support line is colored green.

ETH has a point-of-control (marked by an orange line) right above.

Point-of-control is the price where the most volume is traded within the specified time frame.

It can provide a hefty amount of resistance since ETH is coming up to it from below. (Conversely, if it is coming down to it from above, it can provide a good amount of support)

Momentum oscillator shows that both momentum lines (fast: yellow, slow: red) are neutral and close to the midline in the bearish zone.

Squeeze indicator shows that the low compression (black) is turning into a medium compression (red), with its histogram changing from bearish falling histogram (red) to bearish rising histogram (yellow).

This suggests a shift in momentum from bearish to bullish from the daily perspective.

A follow-through is important, and I will be keeping an eye on the daily chart of ETH.

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The post ETH TA: What Ethereum’s Daily Momentum Is Saying… appeared first on CryptosRus.