Ethereum Attempts to Break 2 Month Descending Channel
-ETH experienced a near 25% revival off lows
-Price has gotten rejected at major resistance of $2078
-200MA continues to provide a barrier
As the market bounced hard off lows set 3 days ago, so did Ethereum. During a Bitcoin conference 2 days ago, Elon Musk mentioned he held some Ethereum. This caused a fast price surge to $2000 and bulls continued pushing higher the day after. Ethereum has much anticipation going on as it has a so called “London” upgrade approaching. This has traders and investors expecting a bullish price run up before the upgrade launches.
ETH has been stuck in a descending channel over the past couple months (shown in light blue). Each trend of this channel has acted as a rejection zone each time price would touch it. Just the past day, ETH nearly touched the top trend of this channel which has provided massive resistance to traders. Along with the top trend, lies a major resistance which is found at $2078. Price must clear & hold this resistance to experience another large price run up.
At the time of writing, ETH is headed down to its minor support found at $1985. This should provide some type of bounce for price but if bulls fail to hold this mark, ETH will likely sweep back down to $1845. Along with the top resistances lies the 200 MA. This MA has held ETH down for over 2 months and continues to act as a major battle for bulls. Price must clear over this & hold to save ETH from further downfall.
While looking at the RSI, we can see that strength just recently almost made it into overbought territory. AS long as strength stays above the 50 value, we should see the RSI break into overbought territory to produce a large upwards push. The Stochastic RSI had been flatlined in the overbought territory for nearly a day and a half. At the time of writing, strength is now coming back down to test the 50 value as potential support, similar to the RSI.
ETH intraday levels
Spot rate: $2016
Trend: Neutral
Volatility: Medium
Support: $1985
Resistance: $2078
-Price has gotten rejected at major resistance of $2078
-200MA continues to provide a barrier
As the market bounced hard off lows set 3 days ago, so did Ethereum. During a Bitcoin conference 2 days ago, Elon Musk mentioned he held some Ethereum. This caused a fast price surge to $2000 and bulls continued pushing higher the day after. Ethereum has much anticipation going on as it has a so called “London” upgrade approaching. This has traders and investors expecting a bullish price run up before the upgrade launches.
ETH has been stuck in a descending channel over the past couple months (shown in light blue). Each trend of this channel has acted as a rejection zone each time price would touch it. Just the past day, ETH nearly touched the top trend of this channel which has provided massive resistance to traders. Along with the top trend, lies a major resistance which is found at $2078. Price must clear & hold this resistance to experience another large price run up.
At the time of writing, ETH is headed down to its minor support found at $1985. This should provide some type of bounce for price but if bulls fail to hold this mark, ETH will likely sweep back down to $1845. Along with the top resistances lies the 200 MA. This MA has held ETH down for over 2 months and continues to act as a major battle for bulls. Price must clear over this & hold to save ETH from further downfall.
While looking at the RSI, we can see that strength just recently almost made it into overbought territory. AS long as strength stays above the 50 value, we should see the RSI break into overbought territory to produce a large upwards push. The Stochastic RSI had been flatlined in the overbought territory for nearly a day and a half. At the time of writing, strength is now coming back down to test the 50 value as potential support, similar to the RSI.
ETH intraday levels
Spot rate: $2016
Trend: Neutral
Volatility: Medium
Support: $1985
Resistance: $2078