An evaluation of favorable entry points for investors in Ethereum [ETH]

To get to $3,190, ETH would need a strong close above the POC. This would be near the daily 200-EMA (green). At the time of this writing, the alt was trading at $3,120.5, up 6.15 percent in the last 24 hours.

Plotting the recent drop in a Pitchfork showed that the bulls had a slight advantage. When the price of ETH rose each day, it broke through its previous resistance (now support). Even though there was still no sign that the 20-EMA (red) was going to go up, the second-biggest crypto had a hard time getting there.

A lot of people who want to buy ETH are going to be looking for a place where the price is between $3,070 and $3,160 in the next few days. It could also continue to be squeezed before the alt makes a strong move.

Rationale

eth price

During the last week, the Relative Strength Index made a slow recovery from its low points, but it still didn't have a big lead in some areas. It came close to the neutral zone as it was looking for a good close above 50.

The OBV was a sign that there was more pressure to buy. Because of this, a short-term bearish divergence with the OBV could happen if prices go back in the other direction.

The DMI lines kept getting better as the gap between them got smaller. However, the ADX line showed a very weak trend for ETH.

Conclusion.

The buyers would keep trying to reach their goal of $3,190, though. People who want to get back on their feet should close above this level before the bears come in and put a stop to their rise. A bullish invalidation could lead to a long squeeze phase near its POC, which could happen again.

It's also important for people who invest or trade to keep an eye on the movement of Bitcoin. If that's the case, then it's even more important that Ethereum has an 87 percent correlation with the king coin over the course of 30 days.