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Ethereum price analysis: ETH breaking out of bearish streak

Ethereum price analysis ETH breaking out of bearish streak

TL;DR Breakdown

  • Ethereum 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 Ethereum price analysis reveals that the queen is following the king very closely for the past few days, and as Bitcoin is emerging out of the bearish trend, it is also pulling Ethereum 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.

Ethereum price analysis 1-day: signs of bullish trend ahead

The Ethereum 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.

Ethereum price analysis: ETH breaking out of bearish streak 1
ETH/USD 1-day candlesticks price chart. Source: Trading View

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. Ethereum price is fluctuating between $3,118 and $3,128 at the time of writing.

Ethereum price analysis: ETH breaking out of bearish streak 2

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.

Ethereum 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. Ethereum price analysis reveals that the queen of cryptocurrency is likely to follow the king Bitcoin 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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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