Ethereum is back on track, with the crypto price resuming its positive trend against Tether (USDT) as it gathers momentum in preparation for a breach over a crucial barrier ahead of “The Merge.” ETH’s price just suffered a rejection to the $1,500 level after failing to retain its bullish trendline functioning as support.
Ethereum Price Analysis – Weekly Chart
According to the chart, the price of ETH was rejected to a region of $1,540 on the weekly chart after failing to retain $1,700 and the trendline functioning as support for the ETH price.
The weekly candle for ETH concluded bearish, with the following week’s candle looking optimistic for price recovery.
The price has gained traction, outperforming Bitcoin’s (BTC) as the ETH price displays strength, attempting to convert resistance into support in order for the price to trend higher.
If the price of ETH on the weekly chart maintains this structure, it might easily move upward to an area around $1,800, which will operate as the price’s weekly barrier. To prevent sliding down, the price of ETH must remain above the $1,700 support level.
Ethereum Price Analysis – Daily Chart
With further purchase orders, the price of ETH would continue to rise after finding support above the uptrend line that was holding the ETH price. ETH’s price will continue to rise if it remains above this trendline.
After a fall below its rising wedge, the price of ETH recovered with high purchase volume, confirming the optimistic attitude.
The price of ETH has formed a positive trend after building a bullish structure after breaking out; if bulls step in, the price of ETH may trend higher to an area of $1,800-$2,000 functioning as an important barrier on the daily timeframe.
ETH is now trading around $1,703, slightly above the 50 Exponential Moving Average (EMA), which equates to a support price of $1,650.
The Relative Strength Index (RSI) for the price of ETH is over 50 on the daily chart, signaling more purchase orders.
Ethereum Price Analysis – Four-Hourly Chart
The price of ETH has maintained a positive trend, remaining above the 50 and 200 EMAs, which amount to $1,690 and $1,670, respectively, functioning as support and resistance to the ETH price. It seems Ethereum is back on track.
To maintain its bullish sentiment, ETH must remain above the 50 and 200 EMAs; if ETH fails to do so, the prices of $1,690 and $1,670 will act as support levels.
The price of ETH follows the uptrend line produced by prices because the trendline serves as support if the 50 and 200 EMAs are unable to retain the price of ETH during a sell-off. ETH is back on track for the moment.
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