Etheruem’s daily chart shows more indications that a new uptrend may occur very soon. There is clear defense of the $4,000 to $4,100 value area as support as any clear attempt to push ETH lower has been met with strong buying. Where the weekly chart showed hidden bullish divergence, the daily chart shows regular bullish divergence between the candlestick chart and the Composite Index.
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The Relative Strength Index remains in bull market conditions and is currently teting the first oversold level at 50. Today is the fifth test of 50 as support since November 18th. If bulls want to send a clear message to any bears that a new uptrend is coming, then they will need to push Ethereum up and out of the Cloud. For that to occur, Ethereum needs a daily close at or above $4,400. Ideally, the close would be high enough to position the Chikou Span above the candlesticks and into open space, creating conditions for an Ideal Bullish Ichimoku breakout – but that will only happen on a daily close at or above $4,700.
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