✴️ Ethereum Upgrade | Bullish Or Bearish?

10 Apr 2023

Is the next hard-fork for Ethereum a bullish or bearish event?

No idea idea but so far the chart continues 100% bullish, let's have a closer look at the signals.

First, we are looking at Ethereum on the weekly timeframe making each one of these signals that I am about to mention 7 times stronger compared to the daily timeframe.

1) Ethereum is trading above EMA50 to the upside for the first time since April 2020. The last time that ETHUSDT moved above EMA50 weekly a major bullish phase followed.

2) Ethereum is trading above EMA100 to the upside for the first time since July 2020. Last time this happen a bull-run developed.

3) Ethereum hit bottom June 2022, it has been printing higher highs and higher lows every since.

4) The MACD is on the bullish side to the upside for the first time since April 2020, again, this happened before a major bullish phase... Don't believe me? See the chart:

5) The weekly RSI is at its strongest since around mid 2022 and trading above Fib. and trendline resistance. The last time this happened a major bullish wave developed... See the chart:

6) Last week Ethereum hit a 8 months high.

7) Volume is low as a continuation signal as there are no sellers but still favoring the bulls.

8) We have an ascending triangle as a chart pattern that has already broken bullish. An ascending triangle is a continuation pattern.

I don't know if Ethereum is set to move higher but we've been long since November 2022 and continue aiming higher with targets up to 4,000 more or less... Not so sure but will add the trade idea with the full numbers in the "Related Ideas" below for your convenience.

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Thanks a lot for your support.

Namaste.