ETH gave some strong signals yesterday that it was turning bullish, particularly on the Bitcoin pair. Today, it has broken above the $4,350 resistance. If this momentum continues, ETH can enter a new rally that can take it back to the all-time high at $4,868 and beyond.
Trading Volume: The break above the key resistance at $4,350 took place on low volume, and this is not ideal. However, so long as the bulls continue to push prices higher, volume can pick up.
RSI: The RSI on the daily and the 4-hour timeframe are moving higher again after curving back up yesterday. This is bullish, particularly since the RSI has been making higher lows.
MACD: The MACD is still bearish on the daily timeframe, but the moving averages and histogram are curving back up significantly after today’s breakout. On lower timeframes such as 12-hours, MACD is bullish already. If it can complete a bullish cross on daily as well, then a new rally can start.
