ETH price analysis: ETH likely to retest $3,200
3 min readTL;DR Breakdown
- ETH price analysis shows that the ETH/USD pair is likely to retest the $3,200 mark.
- Strong support is currently present at the $3,120 mark.
- Strong resistance is currently present at the $3,177 mark.
The latest ETH price analysis reveals that the queen of cryptocurrency is all set to retest the $3,200 mark. At the time of writing, the cryptocurrency stands at the $3147 mark and struggling to gain some momentum to retest the higher resistance. In the past 24-hours, ETH price has seen significant bearish movement with strong support found at the $3,120 mark.
ETH price analysis: 24-hours candlestick show priming for a good retest
The 24-hour candlestick price chart shows that the cryptocurrency is priming for a new retest above the $3,200 mark. At the time of writing, the volatility is decreasing, and the strongest support is found at the Bollinger bands’ average value of $3,078. Whereas the upper Bollinger band value stands at the $3,484 mark, and the lower Bollinger band value stands at the $2,673 mark.
On the other hand, ETH/USD pair is facing strong resistance at the nine-day moving average (MA), standing at the $3,177 mark. The relative strength index (RSI), however, stands at a unique position far from the overbought mark at a value of 58.78. This shows room for buyers to push the price above the $3,200 mark.
ETH/USD price pair reconfirms room for bulls on the 4-hour candlestick chart
On the 4-hours candlestick chart, the ETH/USD pair further confirms the room for bullish momentum that buyers can create to push the price above the $3,200 mark and into a bullish momentum for the cryptocurrency. In the past few hours, volatility has decreased significantly, and despite red candlestick at the end of the day, there is room for improvement in the price trend. The upper Bollinger band value stands at the $3,318 mark, and the lower band stands at the $3,142 mark.
The nine-day moving average and the Bollinger bands average value are both serving as the strong resistance points present at the $3,220 and $3,230, respectively. While writing, the price has improved slightly to hit the $3,153 mark. The RSI value of 44.89 also shows ample room for buyers to take the price up with heavy buying pressure that can be built up to push the cryptocurrency’s price higher.
Out of the 26 technical indicators, as many as 12 are giving a buy signal, 10 indicators stand neutral, while four indicators are giving a sell sign. Out of the moving averages, as many as 11 moving averages are giving a buy signal with one neutral indicator and three selling indicators.
Out of the 11 oscillators, as many as nine indicators stand neutral while one indicator giving a buy signal and another giving a sell signal.
ETH price analysis conclusion
The current ETH price analysis shows that the bearish momentum is largely in control of the movement, with ample room for bearish movement to return to the top. If the buyers manage to push the queen of cryptocurrency into a bullish momentum, a retest of the $3,200 mark is imminent. On the other hand, if the current support levels give way to bears, the price can drop below the $3,130 mark.
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