The cryptocurrency managed to close the session with a 5.9% profit after losing almost 9% in the previous two trading days. Ethereum could bounce and reach the $4,570 levels very soon if the uptrend continues.
The Bollinger bands are wide and steady, they are starting to open on the edge, this often happens when the price is about to move aggressively in either direction, with high volatility. The price traded below the lower band during the previous sessions, which is one of the reasons we see a bounce. Now the pair trades closer to the middle of the bands, suggesting that it is at a fair level.
The relative strength index is at 50%, the most neutral level, which will allow the price to move in either direction, most likely upwards since the pair completed the breakout of the 23.6% Fibonacci retracement.
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