Ethereum is trading around $3,477 after making a high around $3,579. Short-term trend remains bullish as price in the 4 hour chart remains above the Kumo (cloud). However current price action justifies a pull back towards $3,340.
Ethereum is in a bullish trend. Price has just broken below the tenkan-sen (Red line indicator) and this is a sign of weakness. The kijun-sen (yellow line indicator) provides support at $3,397. A move towards that level is justified. The RSI has provided a bearish divergence as the new higher high in price was not followed by a higher high in the RSI. The RSI made a lower high. This is not a reversal signal. Only a warning to bulls in order to be cautious.
