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This week, Ethereum price is looking for gains of 18%; here’s why

Posted 9 hours ago

Ethereum price analysis is negatively biased for today. However, the price is up over 8% this week. ETH bulls took a break at the $1,650 level. The buyers are taking calculated action to move from the critical support level around $1,420.

A pullback above the $1,600 level would invalidate the bearish sentiment as the price shows consolidation near a higher level.

  • Ethereum price drops slightly for the second day in a row.
  • A weekly close above $1,600 would bring more gains.
  • However, the downside risk remains intact below $1,500.

Ethereum price consolidates with waning bearish momentum

Source: Commercial View

On the daily chart, ETH gave a breakdown of a bearish “Head & Shoulder” pattern, breaking down neckline support, with volumes up from previous average volumes.

The neckline support is between $1,578 and $1,610. ETH is facing strong resistance at the neckline of the pattern. The asset experiences rejection on a pullback and faces rejection at the 61.8% Fibonacci retracement, as well as the 50-day exponential moving average.

If the price holds below $1,515, there is a higher chance that ETH will even drop towards $1,425.

On the other hand, renewed buying pressure could result in a green candlestick. If that happens, it would mean an average return of consolidation to the top level.

ETH buyers could benefit from a quick rally towards the $1,600 mark. Additionally, a move above $1,722 would prompt the bulls to retake the August 19 high at $1,848.92.

The RSI is trading below 50. OWhen the relative strength index is below 50, it generally means that the losses are greater than the gains. As the MACD line crosses below the signal line below zero, indicating a bearish trend.

Source: Commercial View

Ethereum price analysis on the weekly chart recorded gains for the first time in the previous two weeks.

Sellers remained active at the upper level, pushing the price lower. The descending trendline from the highs of $4,867.81. The price rejected the bearish slope line in April and the selling accelerated towards the all-time low at $879.80 in June.

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The formation of two inverted hammer points following a probable reversal is imminent. We expect the price to surge towards the downside line at $1,900.

On the other hand, a weekly close below $1,420 could mark the start of another rally lower towards $1,200.

At press time, ETH/USD stood at $1,554, down 1.33% for the day. 24-hour trading volume fell more than 37% to $107 billion. Falling volume with falling prices is a signal of a weakening downtrend.

Rekha started as a Forex market analyst. Analyze fundamental news and its impact on market movement. Later, develop an interest in the fascinating world of cryptocurrency. Market monitoring using technical aspects. Explore on-chain analysis to follow the market.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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