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If we look at the 4-hour chart of the Ethereum cryptocurrency, it can be seen that its price movement is stuck at the Support level which is formed from the Bullish Fair Value Gap (Cyan). Apart from that, the price movement of this cryptocurrency is also above WMA 20 which happens to have a low slope which dived upwards and was also confirmed by the appearance of deviations between price movements and the Stochastic Oscillator indicator, so based on these facts, Ethereum in the near future has the potential to strengthen and try to break above the level of 3586.94. If this level is successfully broken upwards then the next level to aim for is 3673.42 as the target mainly and the level of 3805.94 as the next target which will be aimed at if the momentum and volatility are supportive, but if on its way to the levels previously mentioned suddenly this Cryptocurrency turns corrected weakening downwards until it breaks below the level of 3296.47 then all the strengthening scenarios are as previously described will become invalid and cancel automatically.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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