Ethereum is still holding the upward trend line that it's been following the last few days. We recently got the first close above the $1,000 level on the 4-hr chart, showing that the bulls are still in control and the bears have succeeded to giving up the $1k psychological resistance mark. This is a huge accomplishment and means higher prices are in store.
As we drive closer to the ETZ fork, I'd expect steady constant increases like this. We're still seeing plenty of lower wicks on the candles, so theres definitely tons of buy pressure.
Volume has started to slow a little bit, so if we get a new ATH and a lower RSI, I'd expect a pullback is in order since bulls haven't developed a strong support floor.
Currently though, the technical indicators are showing bullish pressure. Stochastic RSI has rolled over bullish which is a quicker indication over the MACD, and we are about to get a bullish cross on the MACD as well. RSI is just about to break into overbought, but if we get a new ATH (likely), this will almost become irrelevant as we'll be going higher without resistance.
Daily RSI is 76 so we still have plenty of room to keep going, especially in a blue sky breakout. Also, the daily volume still shows healthy amounts of bullish buying as well, and I'd expect a slight increase from a new ATH as well.
Ultimate floor support is still at a low of $875.
Happy trading!! Hope everyone has a great weekend.