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Last update of the ETH price analysis

ethereum analysis (ETH)

Given all recent events that have occurred on the Ethereum protocol, we will take another look at its potential price trajectory.

Price analysis of Ethereum

https://www.tradingview.com/x/hNWOu52k/

We will start with the Ichimoku cloud overlaid with the daily resolution of Ethereum.

As we can see from the above graph, the Tenkan-sen (conversion line) has crossed below the Kijun-sen (baseline) about three periods ago. This is the first bearish signal.

We can also see that the price recently passed under Senkou Span A as well as the conversion and the baselines (which serve both as MA). In other words, Ichimoku is showing us that the current price action is largely underperforming the previous price action.

This is not a terrible thing, but it is usually a sign that the impulse is falling. However, given the duration of these periods (as well as the fact that we are in daily resolution), there may be some anomalous data that have been taken into account in these MA estimates (for example, some price points before the massive sale in November) .

So we will go forward and "zoom in" the H8 resolution (dividing by a factor of three).

Ichimoku for $ ETH on H8 resolution

https://www.tradingview.com/x/sHeukHGG/

Above is a photo of Ichimoku on H8 resolution. As you can see, the outlook shows that price action is significantly weaker than what we have been able to see in daily resolution.

Therefore, there seems to be sufficient information to definitively state that price dynamics are starting to drop slightly.

Now we confirm this hypothesis by giving an overview of the Relative Strength Index (14).

Relative strength index (14) for Ethereum [Daily Resolution]

https://www.tradingview.com/x/Q3d91EvR/

As the photo above states, also the RSI (14) on the daily resolution shows a substantial decreasing momentum.

Now let's have a look at the Zerononcense Reversion Ribbon V2.

Zerononcense Reversion Ribbon V2

https://www.tradingview.com/x/zi2BhKFh/

The image above speaks for itself (daily resolution).

Conclusion

For the time being, we will remain neutral on Ethereum. Although it seems that price dynamics are currently falling, it is difficult (borderline impossible) to definitively state that the immediate direction of Ethereum will be either bearish or bullish.

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