Although Ethereum (ETH), has displayed great strength, the price was defeated by Tether (USDT), when the Ethereum merger is announced.
Ethereum’s price surged so high from $1,670 – $1,924, due to bulls anticipating the Ethereum merging from proof of work (POW), into proof-of–stake (POS).
Ethereum merge is an upgrade to the Ethereum network, from POW (to POS) in order to increase transactional efficiency. Data feeds via Binance
Ethereum Price Analysis On the Weekly Chart
As you can see, the weekly low price for ETH was around $900. It bounced back and rose to $1920. This represents a nearly 100% increase in its price.
It faces resistance at $1920 and has gained momentum.
If the price of ETH on the weekly chart continues with this bullish structure, it could quickly revisit $1,900 and trend higher to $2,400.
Weekly resistance for the price of ETH – $1,920.
Weekly support for the price of ETH – $1,012.
The Daily (D) Chart Price Analysis for ETH
Strong support was found for ETH at $1,580 with an apparent area of interest in the daily chart.
ETH gained support from the resistance and rallied. However, it still faces resistance from breaking above a ranging channel. It has been moving in a range.
This channel was broken by bulls placing greater buy bids, pushing ETH prices to $1920
At the point of writing, the price of ETH is at $1,888, above the 50 Exponential Moving Average (EMA) with a price of $1,580.
ETH faces a price rejection in the $1,920 area, because this resistance has prevented the price from trending higher.
The price of Ethereum could trend higher ahead of the merger if it breaks the $1,920 resistance. Buys will have support if the ETH prices are rejected. $1,580 corresponds to 50 EMA.
Relative Strength Index for the price of ETH is higher than 65 on the daily chart, which indicates that there are healthy bids to buy ETH.
Volume of ETH means that there have been buy orders. It is a sign that bulls are looking to increase the price.
Daily (1D) resistance for ETH price – $1,920.
Daily (1D) support for ETH price – $1,580.
Prices Analysis Of ETH For The Four Hourly (4H) Chart
ETH prices have maintained their bullish structures despite the resistance of $1,920 which is challenging them to breakout and move higher.
ETH traded above the 50 EMA and 200 EMA. Prices of $1760 and $1580 act as their support on the 4H charts, and resistance lies at $1920.
If the price for ETH rises above the resistance due to the volume, we may see the price rising to $$2,400. In the event that ETH does not break, the 50 or 200 EMA price would provide support.
Four-Hourly (4H) resistance for ETH price – $1,920.
Four-Hourly (4H) support for ETH price – $1,760, $1,580.
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