Ethereum’s price (ETH) is strong against USDT and holds up better than Bitcoin (BTC). The price of ETH is anticipated to move with more bullish sentiment circulating as we edge closer to “The Merge.” (Data from Binance)
Ethereum (ETH) price analysis on the Weekly Chart
The price of ETH closed the week with so much mixed sentiment ahead of the upcoming “Ethereum Merge,” with so many bullish signs lately.
ETH’s price was rejected from $2,000 after rallying from a low of $1,030 as the price continued to outperform BTC.
Before falling to $1,400 per week, the price of Ethereum was high. However it rebounded quickly as it is viewed as an area that has lots of buyers and investors.
The ETH price may be on the verge of another rally, as it gets closer to the intended merger. This could have a positive impact on the prices of altcoins since they could enjoy a degree of relief rally over the next few days.
Weekly resistance for the price of ETH – $1,900.
Weekly support for the price of ETH – $1,400.
The Daily Price Analysis of ETH (1D) Chart
The ETH price has broken out of its daily bullish flag and is now poised for a rally. It looks much more optimistic than in recent weeks. If there are more buy orders, the price can rally to $1900 where it will encounter resistance.
For ETH’s price to trend higher, it needs to flip the resistance at $1,980, preventing the price from going higher.
If ETH keeps its bullish structures, it could have a higher price. But, if it fails to keep its bullish structure intact, then we may see ETH price retesting areas that helped prevent its price going lower.
On a daily basis, the price of ETH trades at $1582 lower than its Exponential Moving Averages 50 (EMA), 200 (EMA). As resistance to ETH’s price, the prices of $1,620 (50 EMA) or $2,030 (200 EMA), are at $1,620.
Daily (1D) resistance for the ETH price – $1,620, $2,030.
Daily (1D) support for the ETH price – $1,400.
Analyse of ETH Prices on The Four Hourly (four-hourly) Chart
The price for ETH continued to trend bullish during the 4H period, trading slightly higher than the 50 EMA as support.
To have a chance of trending higher, ETH must move above 50 and 200 EMA. With good buy orders, the price may break out and rise to $1,800 to $1,900, which corresponds with the Fibonacci retracement price of 61.8%.
The price of Ethereum has experienced a lot of volume recently and will rise as more buyers order.
The 4H chart shows that the Relative Strength Index for ETH (RSI for ETH) is higher than 65. This indicates an increase in buy orders for the ETH price.
Four-Hourly (1H) resistance for the ETH price – $1,620.
Four-Hourly (1H) support for the ETH price – $1,500.
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