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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum ETH Back On Track Race, Will ETH Reclaim $2,000 again?

jamesobande
jamesobande
2 years ago
3 mins read

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Ethereum ETH price regained its bullish trend against Tether (USDT) as it builds more strength to break above the key resistance ahead of “The Merge.” ETH price saw a rejection to a region of $1,500 recently as it could not hold its bullish trendline acting as support. (Data from Binance)

Related Reading: Shiba Inu Burn Events Spark A Rally In Altcoin Over The Past Weeks

Ethereum ETH Price Analysis On The Weekly Chart

Weekly ETH Price Chart | Source: ETHUSDT On Tradingview.com

From the chart, the price of ETH saw its price rejected to a region of $1,540 on the weekly chart as the price was unable to hold $1,700 and the trendline acting as support for ETH price. 

ETH weekly candle closed with a bearish sentiment, with the new week’s candle looking bullish for price recovery. 

The price has continued to gain traction, outperforming Bitcoin’s (BTC) as ETH price shows strength, trying to flip resistance into support for the price to trend higher.

If the price of ETH on the weekly chart maintains this structure, it could quickly trend higher to a region of $1,800, acting as the weekly resistance for the price. To avoid falling below, the price of ETH needs to hold this support zone at $1,700.

Weekly resistance for the price of ETH – $1,800.

Weekly support for the price of ETH – $1,700, $1,600.

Price Analysis Of ETH On The Daily (1D) Chart

Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

With more buy orders, the price of ETH would continue to trend to the upside after forming support above the uptrend line holding ETH price. ETH holding its price above this trendline will help it trend higher.

To confirm the bullish sentiment of ETH, the price bounced with good buy volume after seeing a retracement below its rising wedge. 

The price of ETH has shown a bullish structure after breaking out, forming a bullish trend; if bulls step in, the price of ETH could trend higher to a region of $1,800-$2,000 acting as key resistance on the daily timeframe.

ETH is currently trading at $1,703, just above the 50 Exponential Moving Average (EMA), which corresponds to a price of $1,650 acting as support for ETH.

On the daily chart, the Relative Strength Index (RSI) for the price of ETH is above 50, indicating more buy orders.

Daily (1D) resistance for ETH price – $1,800-$2,000.

Daily (1D) support for ETH price – $1,650.

Price Analysis Of Ethereum On The Four-Hourly (4H) Chart

Four-Hourly ETH Price Chart | Source: ETHUSDT On Tradingview.com

The price of ETH has continued to show a bullish trend holding above the 50 and 200 EMA prices, which correspond to $1,690 and $1,670, acting as support respectively to the ETH price.

ETH needs to hold above the 50 and 200 EMA to continue its bullish sentiment; if ETH fails to hold, the prices of $1,690 and $1,670 will act as support levels. 

The price of ETH respects the uptrend line formed by prices as the trendline acts as support in case the 50 and 200 EMA can not hold the price of ETH during a sell-off.

Four-Hourly (4H) resistance for ETH price – $1,800-$2,000.

Four-Hourly (4H) support for ETH price – $1,690-$1,670.

Related Reading: AVA Price Predictions Following Travala Demand Boom
Featured Image From zipmex, Charts From TradingView.com 

 

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jamesobande
jamesobande

jamesobande

James is a blockchain writer and technical Analyst with more than five years of experience in the crypto space.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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