Ethereum (ETH) against the US Dollar on a 12-hour timeframe

ETHUSD

Price Action & Trend

Downtrend Channel: ETH has been in a descending channel (marked by red lines) but is now consolidating near the upper boundary.

Current Price Zone: Around $1,596, facing resistance at the Fibonacci 0.236 level and pivot resistance R1.

Key Levels:

Resistance Levels: $1,599 (R1), $1,706 (R2), $1,853 (R3), up to $2,374 (R5).

Support Levels: $1,497, and stronger support around $1,384.

50 EMA / 200 EMA: ETH is below both, suggesting bearish sentiment long-term unless it breaks above $1,700+.



Indicators

1. RSI (Relative Strength Index):

Around 45, indicating weak momentum; not yet overbought or oversold.

"Bull" divergence signs show potential trend reversal in the past.



2. Stochastic RSI:

Near 40, showing cooling momentum after a recent move up.



3. MACD:

Flat, with a potential crossover building. Histogram is near neutral. Watch for a bullish cross.



4. Volume:

Low recent volume suggests lack of conviction in the move; needs stronger volume to confirm breakout.




Outlook

Neutral to Slightly Bullish short-term if ETH breaks above $1,600-$1,620.

Bearish Continuation likely if it breaks back below $1,500.

Key Breakout Point: Watch $1,706.85 (upper resistance) and $1,497.86 (support).