Read MoreWelcome back to the good to watch on everyone my name is josh and let's get straight into the video this right here is the 12 hour ethereum chart and technically speaking we're still in the short term downtrend because the 12 hour parabolic stopper invest indicator is still sitting in the red and also the 12 hour rsi and the macd are still in their.
Short-term bearish trends respectively but with that being said the 12-hour ethereum macd is getting close to another bullish cross but i want to make it clear we have not confirmed a bullish cross just yet and even though the 12-hour ethereum rsi has not broken this short term downtrend just yet because we're still forming lower highs and.
Lower lows but because the rsi is in the lower half which means it's closer to oversold than overbought technically some sort of bottom for this short term downtrend could be close and another bullish reversal on the 12-hour ethereum chart would be confirmed once we start flipping some of these indicators bullets again like the parabolic stop.
Reverse indicator getting back in the green the rsi entering into a new uptrend and the macd seeing a bullish cross which right now we have not seen but we are getting closer and over here on the daily ethereum chart it's pretty much the same story other than the fact that the price oscillators talking about the rsi and the macd are a little.
Further away from flipping bullish again on the daily time frame so keep that in mind but we still have this 38.2 fibonacci level acting as support which is coming into play at around two 950 and then below that we have this 50 level coming into play at around 2.8 k but more importantly the golden pocket is coming into play at around two and a.
Half thousand to 2.6 k and that should be acting as some major support for the price of ethereum if we do actually make it down towards those prices and as the subscribers would already know by now that 2.5 k to 2.6k level of support is extra important due to this ascending line of support on the three-day ethereum chart that has been forming.
Ever since the beginning of last year because that is also coming into play at around two and a half thousand to 2.6 k and then we have this line of resistance which is coming into play at around three and a half thousand approximately but even though the price of ethereum is technically in a shorter term downtrend talking about this move just here if.
You're talking about the larger ethereum trends technically speaking we've been forming higher highs and higher lows ever since 2021 and even before that so basically ethereum technically speaking hasn't exactly broken extremely bearish on the larger time frames at least as of right now which means this shorter term bearish trends that i've been talking.
About on the 12 hour time frame really is just a shorter term bearish trend at the time of recording this video while the price of ethereum is still holding above that 2.5 k level and just taking a quick look at the total amount of ethereum sitting on exchanges and right now we are still seeing a lot of ethereum getting withdrawn from.
Exchanges especially ever since around the middle of march in fact over the past one month alone we have seen around 1 million and 41 000 ethereum getting withdrawn from exchanges which is currently worth over 3.1 billion us dollars worth of ethereum that has left exchanges over the past one month and for any of the beginners out there when.
Ethereum moves off exchanges that basically means the available supply of ethereum on exchanges is getting smaller so basically the available supply of ethereum is getting scarcer and obviously that is very bullish for the price of ethereum but keep in mind this does not necessarily have an immediate impact on the price of ethereum and.
Instead it's more of a longer term bullish signal and just giving you a really quick update on the ethereum versus bitcoin charts on the daily time frame nothing much has happened over the past couple days basically we still have these bearish diversions between the price action and the rsi but also what we have just seen is a bearish cross in.
The daily macd and this has now been confirmed with one daily kennel close and so as i've been saying over the past few days we could be due for some sideways press action or a bit of a pullback back to the downside which in that scenario by the way would only mean that bitcoin would be outperforming ethereum and it's not necessarily a.
Bearish thing for ethereum versus the us dollar it's just a bearish thing for ethereum versus bitcoin if we do continue to see a pullback after all of these bearish signals that we're seeing at the moment but we also need to keep an eye on the bitcoin dominance chart this right here is the daily time frame and basically while the bitcoin.
Dominance is still trading above this massive level of support sitting at around 41.3 percent bitcoin dominance then the old coins aren't necessarily looking overly bullish against bitcoin especially because the daily macd is getting closer towards another bullish cross which we have not confirmed just yet but once again we're getting pretty.
Close to one and so basically if the bitcoin dominance continues to hold above this level of support that i just mentioned and more importantly if we see a bit of a bounce here then it's very possible that ethereum could see a bit of a pullback against bitcoin but still keep an eye on that level of support at around 41.3 dominance because the moment.
We break that level that is when the old coins could go on another run especially against bitcoin and i'll be keeping you up to date at all times over on my twitter so make sure you follow me over there and the link to my twitter is in the description down below and also in the pinned comment but anyway if you found this video useful or simply.
Enjoyed this please make sure to leave a like down below and if you're new to the channel you might as well subscribe with notifications turn on for more updates just like this every single day and before you click off if you want to make more money in crypto whether or not prices are going up or down then these two videos popping up right here on your.
Screen are definitely for you to watch because they can help you make that happen but anyway that is everything that i have to say for today i really hope you enjoyed and i'll see you all in the next video