Baxia Markets
October 20, 2021

Ethereum enters a new consolidation period.

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The cryptocurrency has not been moving much in the last few sessions; it continues to move laterally as a new consolidation period is not over yet; the good news is that it could end very soon, and Ethereum can continue the uptrend.

The pair found strong resistance at the $3,900 level. The Bollinger bands are narrowing down, which will decrease volatility in the short term; the price trades closer to the upper band suggesting that it is relatively high, although the RSI has remained below 70% since early September.


ETH Oct 19th 2021

The relative strength index is currently at 62%, which could still allow the price to continue moving up for a little bit. However, with the way the Bollinger bands are looking, we believe that it's unlikely for the price to continue its uptrend in the short term; the price would need to retrace to allow it to gather strength and come back stronger.

Our parabolic SAR indicator suggests that the price will continue the uptrend, but other technical indicators do not support this.


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