The daily chart also indicates the continuation of the recovery phase, but a bullish divergence can be seen on the MACD. The interim results of the ETH are far from being as positive as those of BTC. Ethereum is clearly not ready for growth, and it is worth making certain conclusions after the final consolidation above the level of $3,400. The impulsive growth of the coin at current quotes and at current indicators can be considered short-term and very dangerous for retail traders. The nearest limits of resistance are $3,400 and $3,500. The main cryptocurrencies have been trading inside a descending parallel channel for the last few days. Their technical charts showed timid hints of growth, which were accompanied by sluggish growth in trading volumes and the number of unique addresses. At the same time, the total volume of transactions increased only for Bitcoin. In other words, local formations for the growth of BTC and ETH were perceived with skepticism. However, the coins managed to implement those weak bullish signals that received strong support from indicators on September 14. As a result, ETH successfully broke the $3.4 k mark, and BTC rose above $47k again. Despite the local victory, the technical charts of the coins and other characteristics indicate that the assets are unlikely to continue moving towards the highs.
Throughout the previous day, Bitcoin's on-chain indicators and trading volumes have significantly increased. As a result, the price managed to rebound from the support zone, form a bullish absorption candle and reach a local high of $47,200. BTC has also risen by 3% and reached zero following the results of the price movement for the week. The market capitalization still remains near the $900 billion mark. After a sharp increase, bitcoin's daily trading volumes plummeted, which amount to only $32.7 billion. The hourly chart shows the successful development of the formation for growth, but the technical indicators do not show a single picture. If the RSI is holding near the 60th mark, and the stochastic indicates an upward trend, then a bullish divergence is formed on the MACD. The price is trying to consolidate above the important level of $47,000, but the bulls do not have a strong buyer, as indicated by the downward dynamics of the price movement in the two-hour range.
On the four-hour chart, the situation looks much more promising. All the main indicators indicate a successful consolidation above the psychological level. The MACD leaves the red zone and moves up while the RSI is near 60. At the same time, there is a local formation for growth, which should push the asset higher after a small consolidation. The only problem at the current stage is weak trading volumes, which can interfere with bullish plans and push the coin back to the $46 thousand level.
The recovery phase is becoming clearer on the daily chart. The main indicators are starting an upward movement, and it will take several more days to achieve optimal indicators. In general, Bitcoin's outlook looks encouraging, and additional fundamental factors, such as MicroStrategy investments and the restoration of the hash rate, will accelerate the process of restoring on-chain activity. The nearest resistance zones are set at $47,800 and $49,000.
The situation is more complicated above, as the coin continues to fight for the $3,400 level. After the decline, the difficult sales zone acted as a resistance zone again and does not allow the coin to go to $3,500. In addition, ETH is close to a bearish breakdown of the local formation for growth, which may become prerequisites for a further decline. On the hourly chart, the situation is ambiguous: the MACD moves parallel to the price and indicates consolidation, while the stochastic and RSI signal the weakness of the bulls and the prerequisites for a decline.
On the four-hour chart, the situation is similar to bitcoin: clear bullish impulses are visible on the MACD and stochastic, and the RSI is moving in the 50-60 zone. At the same time, Ethereum has the same problems since trading volumes have significantly decreased compared to recent indicators. And considering that the coin is still not consolidated above $3,400, this may help the bears to push the price to $3,200. This is also indicated by the divergence between the Daily Active Addresses and the current ETH price. Unlike bitcoin, Ethereum failed to close the gap between the price and the number of unique users, which indicates fears of trading on the further growth.
The daily chart also indicates the continuation of the recovery phase, but a bullish divergence can be seen on the MACD. The interim results of the ETH are far from being as positive as those of BTC. Ethereum is clearly not ready for growth, and it is worth making certain conclusions after the final consolidation above the level of $3,400. The impulsive growth of the coin at current quotes and at current indicators can be considered short-term and very dangerous for retail traders. The nearest limits of resistance are $3,400 and $3,500.