The Ethereum price (ETH) is still in a tight range to Tether (USDT). After being rejected by the key resistance.
After closing the weekly candle of bullish sentiment, Ethereum’s price rebounded after a temporary low of $23,000. Bitcoin (BTC), however, has rallied from that low to an area of around $24,100 early in the morning. Data feeds by Binance
The Weekly Chart: Price Analysis of ETH
Ethereum’s price saw a weekly close of around $1,720, with a new candle opening bullish ahead of the week.
As resistance stands at $2,400, the price is gaining more momentum.
If the bullish pattern continues, ETH could soon reach $2,000 before its merger.
Weekly resistance for ETH price – $2,400.
Weekly support for ETH price – $1,012.
The Daily (D) Chart Price Analysis for ETH
The price of ETH reached $1,580 with strong support. This area seems to have been an area for interest on the daily charts.
ETH has continued to range in a channel where it has struggled to break out, ranging between $1,580 – $1,720.
At the moment of writing, the price for Ethereum is at $1774, which trades above the 50 exponentially moving averages (EMA), that corresponds to support at $1.536.
If the price of Ethereum falls, it would support $1,536, or 50 EMA.
The 50 EMA regions will not be able to maintain the price. $1,362 could provide support for sell-offs, and a potential bounce in ETH prices.
More buys could lead to ETH retesting being priced at $2,000 -$2,400. This resistance has existed on the daily charts.
The RSI (Related to Ethereum Price) is higher than 60 on the daily chart, which indicates healthy bids for ETH.
Volume for ETH is good. This indicates that ETH prices will trend up.
Daily (1D) resistance for ETH price – $2,400.
Daily (1D) support for ETH price – $1,536, $1,362.
Price Analysis of ETH on the Four-Hourly Chart (4H).
After rebounding from $1,600 support, the price of ETH showed a bullish continuation in the 4H chart.
After a sell-off rejection, the ETH price is struggling in this area. The 4H chart shows ETH as a ranging channel.
The current price is $1,770, trading above the 50 & 200 EMA with prices of $1,660 and $1,530 on the 4H chart. These are support zones for ETH in the 4H chart.
The price of Ethereum is trying to get out of this channel. With good buy bids the price could push up to $2,000 –$2,400
Four-Hour (4H) resistance for ETH price – $2,400.
Four-Hour (4h) support for ETH price – $1,660, $1,530.
If ETH prices fall below the support areas, it could cause ETH to drop as low as $1,362. This is a strong support zone.
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