Ethereum ETH price regained its bullish trend against Tether (USDT) as it builds more strength to break above the key resistance ahead of “The Merge.” ETH price saw a rejection to a region of $1,500 recently as it could not hold its bullish trendline acting as support. (Data from Binance).
Ethereum Price Analysis Based on the Weekly Chart
As you can see, the price for Ethereum dropped to $1540, on the weekly charts. The price couldn’t hold $1700. However, there was support from the trendline.
ETH weekly candle closed with a bearish sentiment, with the new week’s candle looking bullish for price recovery.
The price has continued to gain traction, outperforming Bitcoin’s (BTC) as ETH price shows strength, trying to flip resistance into support for the price to trend higher.
The weekly price chart for Ethereum could show a trend upwards to $1,800. This would be the resistance price. This support zone of $1,700 must be maintained in order for ETH to not fall below.
Weekly resistance for the price of ETH – $1,800.
Weekly support for the price of ETH – $1,700, $1,600.
The Daily (D) Chart Price Analysis for ETH
After forming support over the uptrend line that holds ETH price, ETH’s price would trend upwards with more buy orders. ETH that is above this trendline can trend higher.
The bullish sentiment in ETH was confirmed by the bounce of the price with high buy volume following a retracement under its rising wedge.
The price structure for ETH is bullish after it broke out. This bullish trend could continue if bulls get in. A key resistance to the daily price range of $1,800-2,200 would be provided by ETH’s price.
ETH currently trades at $1.703, slightly above the 50 Exponential moving average (EMA), which corresponds roughly to a support price of $1.650.
Relative Strength Index (RSI), which measures the price at which ETH trades, is higher than 50 on the daily charts, indicating that more buy orders are being placed.
Daily (1D) resistance for ETH price – $1,800-$2,000.
Daily (1D) support for ETH price – $1,650.
Comparison of Ethereum Prices on The Four-Hourly (4H), Chart
The price of ETH continues to exhibit a bullish trend, holding higher than the 50 and 200 EMA price prices. These correspond to $1.690 and $1.670 respectively, and acting as support to the ETH market price.
To continue bullish sentiment, ETH should hold above the 50 EMA and 200 EMA. The support level for ETH will be $1,690, $1,670.
The trendline serves as support for the 50 and 200 EMAs that are unable to hold the price of ETH in a selloff.
Four-Hourly (4H) resistance for ETH price – $1,800-$2,000.
Four-Hourly (4H) support for ETH price – $1,690-$1,670.
Featured Image from zipmex. Charts from TradingView.com