Higher Lows: Ethereum (ETH) in an Uptrend Since Mid-September
However, since bottoming out at around $170 on September 12, ETH has been in a slight uptrend, forming higher lows through the last 2 weeks of trading and currently trading at $215.79.
If ETH is able to hold the $210-215 range and begin going back up, there would be a confirmation of the next higher low. This would ultimately strengthen the growing uptrend.
Taking a look at the current short interest found on major exchange Bitfinex reveals that bears have not increased their bets since falling off during last week’s bull run. Currently, there is 142,231 ETH sold short, roughly equal to $30.5 million.
However, if the price falls below $200 again, bears might gain further momentum to continue the larger downtrend found on the 6-month timeline. It is important to emphasize that any major macro fundamental event could completely disregard the current technical patterns, and investors should be prepared for such an outcome.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.