Ethereum (ETHUSD) has formed a massive weekly Hammer, where it's still red but just shy of the prior week (and January)'s high. Significantly, ETHUSD's strong bounce intraweek from a deep consolidation to below the psychologically key 1000 whole figure suggests a low likelihood for a further pullback in the coming month or so back to the prior upchannel resistance (on the weekly chart) around 700. More likely in the same period, is a rally extension effort to retest the all time high. Congratulations to longer term bulls who remained long ETHUSD or initiated ETHUSD longs after the March crash, with bullish developments profiled in the March 29th analysis and increasing upwards momentum cited April 26th. The weekly RSI, Stochastics and MACD are rallying or consolidating recent gains, with the weekly RSI and Stochastics overbought, and weighed on by the negatively crossing daily MACD.
Ethereum (ETHUSD) Weekly/Daily
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