ETH Technical Analysis: Price Below the Fibonacci Pivot Point of $3177.42, Watch Out for $3017.54

Ankita  |  Sep 27, 2021

Ethereum is an open-source decentralized blockchain system with its own cryptocurrency, Ether. Decentralized smart contracts can be executed with ETH as well as for many other cryptocurrencies.

Vitalik Buterin first introduced Ethereum in a 2013 whitepaper. Buterin and his co-founders secured funding for the project through an online public crowd sale in summer 2014 and launched the blockchain on July 30, 2015. Let us see how the technical analysis of ETH is currently.

Past Performance

On September 20, 2021, ETH started trading at $3329.08. As of September 26, 2021, the closing price of ETH was $3062.76. Thus, in the past week, the ETH price has tanked by roughly 8%. In the last 24 hours, ETH has traded between $2744.54-$3163.87. The volatility in the market is very high.

TradingView Chart

ETH Technical Analysis

Currently, ETH is trading at $3130.84. The price has increased by approximately from the opening price. Thus, the market looks bullish for the rest of the day.

The MACD and signal lines are in the negative zone. However, a bullish crossover by the signal line over the MACD line has occurred. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can expect the volatility to gradually increase.

The RSI indicator is at 59%. It has just rallied from the 33% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours.

Day-Ahead and Tomorrow

The ETH price has fallen below the Fibonacci pivot point of $3177.42. As some of the oscillators have shown bullish signals, we can expect the price to rise above the first Fibonacci resistance level of $3017.54 soon.

The price has tested and fallen below the 23.6% FIB retracement level of $3125.87. If the price falls below the FIB extension level of $2953.87 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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