• Ethereum’s price has recently arrived at the crucial support level of the 50-day moving average.
• The 50-day MA acted as a support level at $1.8K, leading to substantial volatility in lower timeframes and a significant shadow in the daily chart.
• If the price manages to surpass the resistance of $2K and its prior swing at $2.1K, it could potentially trigger an extended rally.
Ethereum Price Analysis
After a phase of consolidation and correction, Ethereum’s price has recently arrived at the crucial support level of the 50-day moving average.
Daily Chart Analysis
Analyzing the daily chart, the price previously formed a higher-high pattern before experiencing a significant decline. The 50-day moving average acted as a support level at $1.8K, leading to substantial volatility in lower timeframes and a significant shadow in the daily chart.
At present, ETH is confined within a narrow dynamic range between the 50-day moving average, which is currently at $1847, and the significant resistance region of $2K. If the price manages to surpass the resistance of $2K and its prior swing at $2.1K, it could potentially trigger an extended rally. Conversely, if it falls below the 50-day MA, the 100-day moving average at $1.7K will become the primary support level.
4-Hour Chart Analysis
Analyzingthe 4-hour chart,the pricewas rejected bythe ascendingchannel’supper thresholdleadingtoa downwardtrend towardthe channel’smid-trendline.
Despiteprofoundvolatility after reachingthe trendlinebuyingpressurein thiscritical regionremains evident.
Ifpricefalls belowthisregionitcouldpotentiallyleadtoadeepercorrectionwith$1600asitsfirsttargetlevel.
Ontheotherhandifresistanceof$2000isholdsbuyingpressuremightincreaseinthesupershorttermandpushpricetowardsthemain$2100resistancelevel.
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