Ethereum Price Technical Analysis – Can Buyers Make It?

Key Highlights

  • Ethereum price as stated in the weekly analysis started a recovery phase, and if all goes well, more gains are possible.
  • The price is testing a bearish trend line formed on the hourly chart (data feed via Kraken), which may be considered as a short-term breakout zone.
  • On the downside, the 100 hourly simple moving average is a support area, which may act as a buy zone.

Ethereum price may make a sustained move higher. However, buyers need to take the price above $4.60-80 to gain control in the short term.

Ethereum Price – Trend Line Resistance

Ethereum price after trading down towards the $3.30 area managed to hold the ground and currently correcting higher. It has already recovered some ground and at the moment facing a major resistance area near a bearish trend line formed on the hourly chart (data feed via Kraken). The highlighted bearish trend line may play a crucial role for Ethereum price in the near term.

The 50% Fib retracement level of the last drop from the $5.90 high to $3.31 low is also positioned around the highlighted bearish trend line. It suggests that there is a crucial resistance near $4.64-70 where buyers may struggle, and it won’t be easy for them to surpass the seller’s strength. A break above it might take the price higher towards the 76.4% Fib retracement level of the last drop from the $5.90 high to $3.31 low.

Ethereum Price Technical Analysis

On the downside, there is a major support area formed near the 100 simple moving average (H1 chart, Kraken). If the price moves down or corrects, then there is a chance of buyers appearing around the 100 SMA.

Hourly MACD – The MACD may change the slope to bearish, which is a sign that buyers are struggling to clear the trend line resistance area.

Hourly RSI – The RSI is above the 50 level, which is a positive sign.

Intraday Support Level – $4.30

Intraday Resistance Level – $4.70

Charts courtesy of Kraken via Trading View

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