Thursday , November 14 2024
Home / Crypto news / Ethereum Price Analysis: ETH At Critical Decision Point Before Possible Huge Move

Ethereum Price Analysis: ETH At Critical Decision Point Before Possible Huge Move

Summary:
On Saturday, bulls made another attempt to push the ETH price above ,000 with no success. After ETH had broken below K, the latter turned into the main question for deciding Ethereum’s short-term future. Key Support levels: ,700 Key Resistance levels: ,000, ,435, ,868 (ATH) ETH is attempting to stop the downtrend and curved up above the support at ,700, creating long wicks to the downside over the past week (this shows that there is demand at lower levels). Yesterday, ETH tried to pierce through the ,000 support turned resistance, but this attempt was quickly rejected. The recent price actions shows an eagerness to return above ,000, which remains the key level for ETH. Chart by TradingViewTechnical Indicators Trading Volume: Volume has remained constant.

Topics:
Duo Nine considers the following as important: , , ,

This could be interesting, too:

Martin Young writes Ethereum’s Modular Strategy: Short-Term Pain, Long-Term Gain, Says Research

Chayanika Deka writes Ethereum Foundation Resumes ETH Selling Amid Price Rally

CryptoVizArt writes Ethereum Price Analysis: ETH Reclaims Crucial Resistance, How High Can it Go?

Wayne Jones writes Michigan State Retirement Fund Now Holds More Ethereum Than Bitcoin

On Saturday, bulls made another attempt to push the ETH price above $4,000 with no success. After ETH had broken below $4K, the latter turned into the main question for deciding Ethereum’s short-term future.

Key Support levels: $3,700

Key Resistance levels: $4,000, $4,435, $4,868 (ATH)

ETH is attempting to stop the downtrend and curved up above the support at $3,700, creating long wicks to the downside over the past week (this shows that there is demand at lower levels).

Yesterday, ETH tried to pierce through the $4,000 support turned resistance, but this attempt was quickly rejected. The recent price actions shows an eagerness to return above $4,000, which remains the key level for ETH.

Chart by TradingView

Technical Indicators

Trading Volume: Volume has remained constant. This may be “the calm before the storm” and might signal a huge price move (to either side).

RSI: The daily RSI is flat, but did manage to make a higher low last week. However, the bullish momentum is simply not there to succeed in making a significant move out of the current consolidation area.

MACD: The daily MACD is curving up and the histogram is making higher lows. If this is maintained in the coming week, then MACD may perform a bullish crossover. This can be delayed if ETH is sharply rejected again by the $4,000 key resistance.

Chart by TradingView

Bias

The bias for ETH is neutral. Neither the buyers or sellers have the upper hand, thus ETH found an equilibrium just above $3,700.

Short-Term Price Prediction for ETH

ETH appears to be in a crux, or amid a decision point. The resolution of the current price action will likely lead to a violent explosion in volume as ETH breaks away from the current support or resistance consolidation levels. Until that happens, expect to see ETH just around the $4,000 mark.

About Duo Nine

Leave a Reply

Your email address will not be published. Required fields are marked *