ETH price analysis: ETH breaking out of bearish streak
3 min readTL;DR Breakdown
- ETH price analysis reveals that the cryptocurrency is breaking free from bears.
- Strong support is currently found at the $3,050 mark.
- Strong resistance is currently found at the $3,150 mark.
The ETH price analysis reveals that the queen is following the king very closely for the past few days, and as BTC is emerging out of the bearish trend, it is also pulling ETH out of the ditch. The queen of cryptocurrency is trading hands for $3,125 at the time of writing, while the persistent strong support found at the $3,050 mark is keeping the queen above the $3,000 psychological barrier.
ETH price analysis 1-day: signs of bullish trend ahead
The ETH price analysis on the 1-day candlestick chart reveals signs of bullish momentum ahead in the near future. The queen of cryptocurrency is likely to retest previous levels found above the $3,150 mark. The volatility is decreasing on the 1-day candlestick chart, which is a positive sign for the queen. The upper Bollinger band is found at the $3,373 mark serving as the strongest resistance for ETH/USD pair right now.
The lower Bollinger band serving as the strongest support is currently found at the $2,974 mark. Both the Bollinger band average and nine-day moving average (SMA 9) are presenting strong resistance to the queen at the values of $3,174 and $3,208, respectively. The relative strength index (RSI) is at a score of 54.80, which is slightly inclining towards the overbought side but still a very good score for the buyers to take a jab at the current bearish trend.
ETH/USD price 4-hour chart affirms the bullish momentum ahead
The four-hour candlestick price chart reveals that although the volatility is much higher on an hourly basis, the signals are largely stale, with a bullish momentum brewing. The upper Bollinger band stands at $3,355, marking the strongest resistance, whereas the lower Bollinger band is found at the $3,030 mark, displaying the higher volatility on the chart. ETH price is fluctuating between $3,118 and $3,128 at the time of writing.
The Bollinger bands average of $3,192 and the nine-day moving average (SMA 9) of $3,135 are acting as the strong resistance points for the queen of cryptocurrency. The RSI score is relatively lower when compared with the daily chart, at the score of 43.12. The lower RSI score is providing ample opportunity for traders to take control of the buying trend and push the price into a bullish trend.
ETH price analysis conclusion: ETH likely to retest $3,150 resistance
At the time of writing, both the king and queen are breathing heavily after successfully fighting the bearish trend that was brewing in the past 24-hours. ETH price analysis reveals that the queen of cryptocurrency is likely to follow the king BTC in the stale smooth motion for some time before taking another jab at the higher resistance points found at and above the $3,150 mark. If the current support levels fail the cryptocurrency, it would automatically fall lower on the charts, but for now, the queen is resting easy.
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