Ethereum has seen a spike ever since the start of November, and the candles have already come eerily close to the resistance.
The uptrends and downtrends seem to be racing each other in the one-hour chart. The downtrend is seen ranging from $214.06 to $207.81, with an uptrend ranging $201.01 to $207. Support is set up at $195.99 and resistance at $213.99
The RSI represents an oversold market coming to an end as it is at the center of the RSI band, indicating a balance in buying and selling pressure.
The RVGI line is crossing over the signal line, indicating a bullish crossover.
The downtrend is visible from $456.47 to $199.75, with a support seen at $182.79. The resistance is seen at $247.76, with a successive resistance set up at $317.55.
The Parabolic SAR markers are developing below the candles, indicating a bullish pressure.
The MACD line is crossing over the signal line, indicating a bullish crossover.
The Awesome Oscillator is seen indicating red spikes below the zero line, indicating that the buying momentum is decreasing in the market.
In the one-hour time-frame, RSI shows a rather neutral position, while RVGI indicates a bullish market. In the one-day time-frame, the indicators are all pointing at a bullish trend, except for the AO indicator.
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