- Ethereum price analysis reveals strong support lacking above the $3,800 mark.
- Strong support is currently found at the $3,700 mark.
- Strong resistance is currently found at the $3,800 mark.
The queen of cryptocurrency is enjoying newly found highs for the past day, and today is no different. After following Bitcoin into a flash rise on the 1st of September, the cryptocurrency has managed to stay afloat the newly found highs. The Ethereum price analysis reveals that the queen is unable to find strong support to maintain the high above the $3,800 mark despite breaking the psychological barrier four times in the past two days.
ETH/USD 1-day candlestick chart shows bullish crossover
The Ethereum price analysis one-day candlestick chart is showing a bullish crossover that just might be a sign that bearish momentum is brewing ahead. The bullish crossover is occurring above the upper Bollinger band, where the current price level of $3,791 is standing above the upper Bolinger band found at the $3,764 mark.
The nine-day moving average is serving the support purpose at the value of $3,434, enhancing the bullish crossover by a good margin. Further support is found with the Bollinger bands’ average found at the $3,302 mark. Below that, the strongest support is found at the $2,840, where the lower Bollinger band lies, marking the increasing volatility on the chart. The most alarming situation is found with the relative strength index, which is marking the overbought signs with a score of 70.94 for over the past 12-hours.
Ethereum price analysis: 4-hour candlestick chart confirms overbuying by the traders
The Ethereum price analysis four-hour candlestick chart confirms that the queen of cryptocurrency is currently enjoying exceptional bullish momentum for over the past 24-hours, and the cryptocurrency is largely overbought, indicating a bearish signal in the near future. On the four-hour chart, the upper Bollinger band is found at its place at the score of $3,967, while the current price has increased to $3,809 while writing. This is the fifth time in the past few days that Ethereum has managed to break the $3,800 psychological barrier but during an overbought streak.
The nine-day moving average is serving as the strong support right below the current price at the $3,772 mark. Bollinger bands’ average is also serving as strong support at the $3,576 mark, along with the lower Bollinger band found at the strongest support point at the $3,185 mark. The relative strength index is showing above 70 score of past two days with the current score of 74.28.
Ethereum price analysis conclusion
The Ethereum price analysis finally reveals that the queen of cryptocurrency is in dire need of strong support above the $3,800 mark to maintain the newly found high status. However, the relative strength index is showing increased volatility and an overbought market which can help the bearish trend to push the price down towards the $3,700 mark or even further below. If the queen of cryptocurrency manages to maintain the current support levels, it might just find the strong support needed to maintain the new highs. If the current support falters, the queen is likely to drop.