ETH Price Outlook(11/6/2023) - Mini Alt Season on its way after retracement?

Greetings! In this article, I will go over my technical analysis I did today and explain what indicators were notable and future potential scenarios of the Ethereum price action.

Mini Alt Season on its way?

During the past couple of days, Ethereum has been slightly rallying despite Bitcoin staying stagnant. This caused many various altcoins to pump quite a bit along with Ethereum. I believe that as long as Bitcoin can retain an overall bullish macro trend, Ethereum could rally further, which will cause a mini alt season to occur.

4-hour time frame:

In the 4-hour time frame, Ethereum is currently looking bearish. The RSI is still close towards overbought territories and the MACD just confirmed a bearish cross. However, despite the MACD and RSI being relatively bearish, the 4-hour 20 EMA is almost intersecting the 50 EMA, which means that there is a high likelihood chance that Ethereum will continue to slightly rally upwards within the next few days or so.

24-hour time frame:

In the 24-hour time frame, Ethereum is slightly bearish. The RSI is currently at the lower-end of the overbought territories and the MACD is nearly confirming a bearish cross with a lot of momentum backing it up. This means that within the next week or so, Ethereum is likely to retrace back towards the 1.8k levels or the 1.78k levels (The 20 and 50 EMA support levels). However, the 20 EMA 50 EMA channel will most likely be unaffected during this entire retracement and will most likely continue upwards once the uptrend resumes after the retracement.

Weekly time frame:

In the weekly time frame, Ethereum is very bullish. The RSI is still relatively neutral despite Ethereum rising so fast. The MACD is also currently still printing green bars after confirming a bullish cross two weeks ago. Additionally, the 20 EMA is beginning to intersect the 50 EMA, which means that Ethereum could potentially be setting up for an overall macro uptrend within the next few months.

Conclusion:

In conclusion, Ethereum is looking bearish in the daily and 4-hour time frames and very bullish in the weekly time frames. All of this can be translated into the fact that Ethereum could be looking into leading a mini alt season in the coming month or so (According to the weekly time frame).