ETH Technical Analysis: Ethereum Prepares to Climb Back Above $1,400
Although Ethereum (ETH) dropped around 2% in the last 24 hours, the coin showed strong recovery signs in today’s price actions, pulling back at $1,179 signaling swing entry in an uptrend. ETH witnessed a sharp bullish breakout at the $1,180 support level after a prolonged bearish trend since last week, which pulled ETH 22.61% in the last 7 days. With a current price of $1,223.56 as of writing, ETH gained 3.48% in the last hour, signaling buying opportunities for intraday traders. Despite ETH seeing a 35.79% jump in 24-hour trading volume, its market cap dropped 3.52% to $149.73 billion, indicating a lack of interest among buyers.
Key Points
TradingviewETH Technical Analysis
ETH consolidated in the range of $1174 and $1190 between 0% and 23.60% Fibonacci replacement level before breaking above 100% at $1248. The ETH price line moves above the 50-day SMA, signaling towards bullish reversal with the trendline making an ascending triangle. If bullish momentum continues, ETH may break the ceiling of $1400 offering more buying opportunities. Conversely, if reversal fails to build the bullish trend, prices may fall back below $1200 which may trigger a profit-booking phase. The sideline readers may have multiple buying opportunities as ETH braces for another bull cycle.
Technical Indicators
RSI slopes show a fall from the overbought zone narrowly skipping a bearish divergence at 70% above 14-day SMA, reflecting an improvement in the underlying sentiments. Buyers may get a buying opportunity at the subsequent fallout. Moreover, the declining gap between the MACD and signal lines teases a bearish crossover, as the bullish histogram declines.
ETH, as technical indicators exhibit, is set for another bull rally with RSI showing increasing buying pressure while price candles display multiple low-price rejections.
