Ethereum Price Key Highlights
- Ethereum price retreated from its recent rally upon hitting a high of 0.00294 but might be ready to resume its climb soon.
- Price has pulled back to the moving averages, which might hold as dynamic support areas, and could gather more bullish momentum.
Ethereum price is taking a break from its uptrend but might be due to head north again, if the near-term inflection points hold as support.
Technical indicators seem to be suggesting that the ethereum price correction is already over, as stochastic made it out of the oversold region and is heading north. RSI is also pointing up, hinting at a pickup in buying pressure.
In that case, ethereum price could climb all the way back up to the previous highs at 0.00294 and beyond. A strong rally could take it past the 0.00300 psychological barrier, possibly yielding gains until 0.00350 next.
If ethereum price is still in correction mode, it could still make a larger retracement to the 38.2% Fib at 0.00270 or to the 50% level at 0.00260. The line in the sand for any pullback is until the 0.00250 mark near the 61.8% Fibonacci retracement level, as a break below this area could signal the start of a downtrend.
If so, ethereum could head further south to the swing low at 0.00230 before a strong bounce takes place. Keep in mind, however, that price broke to the upside of the triangle consolidation pattern, which means that bulls have more energy to stay on top of the game.
In addition, the 100 SMA is still above the 200 SMA so the path of least resistance is to the upside. For now, though, the moving averages are dangerously close to each other so a downward crossover might still be a possibility – an early indication that a selloff is in the works.
Intraday support level – 0.00260
Intraday resistance level – 0.00295
Technical Indicators Settings:
- 100 SMA and 200 SMA
- Stochastic (8, 3, 3)
- RSI (14)
Charts from Kraken, courtesy of TradingView