Ethereum (ETHUSD) Price Analysis. Short-term upside, long-term still work to be done

The daily chart of Ethereum is starting to look more constructive, as is the case with a few other alt's right now. The downtrend off the May high has broken to the upside and its interesting to note the increase in volume at the lows, that could easily be viewed as stopping volume. Also of note is that price moved all the way back in to, but held above the low of the large ascending triangle of June to November last year. The breakout of that triangle led to the explosive move to the January high so its clear its an important zone of support. Retraces often find support within such price patterns, as price has thus far.

Given the break of the short-term trend to the upside, price has the potential to rally as far as the zone of resistance between 350-400. That area would need to be overcome before we can consider more enthusiastic targets!

That said, the low of a 12th September has been made without any bullish RSI divergence (see oversold RSI in red ellipses) and no evidence of a reversal pattern. This tells me there is every chance that the low could be retested after the current rally ends. A close below the low of the ascending triangle at 136 would be a significantly negative event.

The weekly log chart shows with more clarity the major downtrend and resistance zone that needs to be cleared to free price to move further to the upside.