FX.co ★ Ichimoku cloud indcator analysis on Ethereum

There is a bullish signal in the making by the price action of Ethereum in the 4 hour chart using the Ichimoku cloud indicator. Price was trading below the Ichimoku cloud from $3,700 to $2,600 where it recently broke again above the cloud. Bulls and bears are battling now around the cloud as there is still no clear indication if price will stay above or re-enter the cloud.

Ethereum is trying to push above the cloud. Price is above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Breaking above the cloud and staying above $2,620 is key for the short-term trend. The tenkan-sen has crossed above the kijun-sen and this is a bullish sign. If price manages to stay above $2,620 we could see a move higher towards $3,200-$3,300 as explained in previous posts. Support at $2,380 is key and breaking below it will be a bearish sign.