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Recently, Ethereum outperformed other major cryptocurrencies. Today, Litecoin is stealing the show outperforming while others fail to follow the example.
However, all in all, it was a bullish week for Ether.
Ether managed to come out of the zone from $ 128 to $ 140.
This was an important area during the bearish fall in mid-November when buyers' liquidity came into play before the bearish fall continued.
Ethereum now exchanges between two key levels, and is guessed by anyone.
Above the current price there is resistance to $ 170. This was a previous support area until the price did not break below it in mid-November.
Below the current price is $ 140 which is expected for support after the price has broken through during the week.
If the price falls to $ 140, buyers will probably take long positions anticipating support.
The shorter 4-hour chart shows most of the recent share price exchanges that occur between $ 150 and $ 160.
A bearish divergence is forming in the 4 hours. The price is forming higher highs while the RSI is forming lower peaks.
A bearish divergence is a typical pattern of trend reversal and occurs when the price continues to form higher peaks despite the RSI forming lower highs.
This shows that the price continues to rise despite the pressure of purchases decreases.
Key Takeaways:
- Total bullish week for Ether outbound from $ 128 to $ 140.
- The key levels currently monitored are $ 170 on the upside and $ 140 on the downside.
- Bearish divergence that is forming on the four-hour chart for Ethereum.
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