By Ether has put in a long-tailed daily candle on the 100DMA support, hinting a move higher is ahead.
However, the recent developments in the RSI are offering mixed outlook. The indicator is yet to retain the uptrend from December 17 low.
Daily chart
While the long lower wick of the daily candle is pointing to ebbing bearish momentum, prices still need to rise above $172 to invalidate lower highs setup and confirm bullish revival.
A close above $172 would set the stage for test of the recent high of $180.
Alternatively, a reversal lower from the 4H descending trendline resistance would target $155 (today’s low). Such a move would ratify the bearish bias signaled by the daily RSI’s violation of the upward trend, making way for a drop to $150.