Ethereum price is in a bearish trend. However, if bulls defend the 0.382 and 0.50 Fib retracement levels, it will rise to the previous highs. What is next? Today’s technical analysis reveals.
Ethereum Price Technical Analysis
In retrospect, Ethereum (ETH) price rose to a high of $340 level. last month Nevertheless, ETH bulls met resistance and the price was on a downward correction to a low at $280 level. At the low of $280, ETH bulls made an upward move to retest the $340 overhead resistance. Ethereum price was resisted again at the $320 price level as the bears pulled down the price to a low at $290.
The price of Ethereum is again in an upward move to retest the overhead resistance level. From the Fibonacci tool, Ethereum price declined at the support level of the 0.50 (50%) Fib. retracement level. The 0.50 Fib. retracement is a downtrend trend zone for a trending market. However, if ETH bulls defend the 0.382 and 0.50 Fib retracement levels, ETH price will rise to reach the previous highs. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line. This suggests a buy signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a bearish trend. The 12-day and the 26-day Exponential Moving Averages (EMAs) are trending southward. Yesterday, ETH bulls also reached a high of $322 price level, however, they were resisted they pulled back the price above the EMAs but the bears resisted the bullish move. In the meantime, the MACD line and the signal line are below the zero lines, which indicates a sell signal.
- Resistance Levels: $320, $330, $340
- Support Levels: $290, $280, $270
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.