Technical Analysis – Ethereum benefits from Fed decision
The crypto market has responded favorably to the Fed rate cut
Ethereum is in the green but a bearish trend is still in place
Momentum indicators are turning bullish
In the meantime, the momentum indicators are trying to send bullish signals. The RSI is edging higher, but it has not managed yet to move above its midpoint. Interestingly, the stochastic oscillator is moving aggressively higher, towards its overbought area and it is building a sizeable gap from its moving average. Should this move pick up pace, it would be seen as a strong bullish signal.
Should the bulls remain confident, they would try to lead Ethereum above the busy 2,513-2,543 area, which is populated by the 61.8% Fibonacci retracement level of the October 13, 2023 – March 12, 2024 uptrend and the 50-day simple moving average (SMA). Even higher, the 2,667 level might prove a smaller obstacle for the bulls than currently anticipated with their focus then potentially turning to the 50% Fibonacci retracement at 2,816, in an attempt to break the recent sequence of lower highs.
On the other hand, the bears are trying to retake market control and keep ethereum below the 2,513 level. They could then gradually push it lower towards the 8-month low at 2,159. Even lower, the 78.6% Fibonacci retracement at 2,081 could really test the bears’ determination to achieve a new 2024 low.
To conclude, ethereum is benefiting from the stronger Fed rate cut but some key resistance areas have to be broken for the current bearish trend to be reversed.
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