Ethereum price analysis: Prices to retest $392.2 resistance level
- Ethereum prices have had a net gain of 0.2 percent since today’s trading session began
- Daily chart indicates that the prices have retested the support levels at $323.3.
- The chart also shows that the current bullish move on the daily chart is likely to retest the $392.2 resistance level.
- Short term traders should also be looking to go long, as the markets on the hourly charts are also bullish.
Today’s trading session has seen the price of Ethereum jump 0.2 percent as at press time, after opening at $373.1, reaching highs of $375.6 and lows of $370.5. Today’s rise in price is a continuation of an upward trend that started five days ago.
Ethereum daily price chart analysis
The Ethereum daily price chart shows that the prices have been on an upward trend since March and have been trading along the ascending trendline. Recently, the prices have come down to retest the ascending trendline’s support level, failing to break out of the structure, which would have seen the prices start a new downward trend.
Starting from October 7th, the prices have been trending upwards, after testing the ascending trendline and failing to break out of the bullish move. The prices have also been trading within support and resistance levels of $323.3 and $393.2, respectively.
The prices are currently coming out of the support levels and are expected to retest the $392.2 resistance level. This will lead to two possibilities; that is, the prices might break out of the support and resistance structure or continue trading within the structure, which will mean that the prices will retrace back to retest support levels on the ascending trendline.
Ethereum hourly chart analysis for short term traders
Ethereum prices on the one hour charts have lost momentum in the past few hours, trading sideways in the last few hours. However, the prices are still highly biased to the upside.
For short term traders, the price analysis on the one hour chart indicates that the prices have at least one last leg of the bullish move before retracing back to the pivot level P at $359.8. Therefore, short term traders should be looking to get into the market for long positions, which are expected to hit the $386.4 pivot resistance level R1.
Similar Ideas for short term traders
YMGroup traders, in their trading view analysis, also had a similar opinion on where short term traders should be looking for trading opportunities, although worded and analyzed differently. Their analysis agrees that the current prices of the crypto are trading on a resistance zone. Their analysis of the trading volumes and price action indicates that the prices will be heading to retest the resistance level at $388.0.This, therefore, means that Ethereum is still bullish, and traders should look for long positions as their trading opportunities.
[the_ad id=”48512″]
