After struggling for weeks ETHUSD finally gets a breather and recovers more than 30% in the last nine trading sessions. The pair managed to break the resistance level at our 23.6% Fibonacci retracement at $2,630 and now aims for $2,922, the next resistance it will face.
The Bollinger bands are getting slightly narrower, which could bring lower volatility, the pair traded in between the bands, suggesting that the price is at a fair level. ETHUSD still trades below the short and long-term moving averages, indicating that the general trend is still downwards, we might see this change in the mid-term.
The relative strength index is at 45% which will allow the pair to continue recovering ground, once the price gets closer to the $3,150 level we would consider a trend reversal. Our parabolic SAR indicator suggests that the price will continue to fall, but we see this as unlikely for the short term.
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