- Ethereum price analysis reveals gearing up motion to retest the $4,000 high.
- Strong support is currently found at the $3,384 mark.
- Strong resistance is currently found at the $3,950 mark.
Ethereum price analysis reveals that the queen of cryptocurrency is gearing up to retest the $4,000 high once again. The queen of cryptocurrency broke past the $4,000 psychological barrier yesterday but was unable to find strong support to maintain the high ETH price dipped down below the mark. At the time of writing, Ethereum is trading hands in the $3,925 range while preparing to retest the high. The queen of cryptocurrency is treading on a slippery slope and the price can sway in either direction in the hours to come.
ETH/USD 1-day candlestick chart shows bullish crossover
The one-day Ethereum price analysis candlestick chart reveals a bullish crossover that is likely to keep the price at the current high, maintaining the current support levels. The upper Bollinger band is found below the current price, where the current price is at $3,920, and the upper Bollinger band is at the $3,903 mark serving as the closest support for the queen of cryptocurrency.
The nine-day moving average serving as the next support point is $3,542, and the Bollinger bands’ average is found at the $3,340 mark. The last support level marked by the lower Bollinger band is found at the $2,777 mark. However, the volatility is increasing on the chart compared to the past few days. The relative strength index is on the overbought area with a score of 72.74, marking a strong bearish signal; however, the RSI has been maintaining this signal for the past few days.
Ethereum price analysis: 4 hour candlestick shows a bearish signal dominating
The Bollinger band and the moving averages are behaving normally on the four-hour Ethereum price analysis chart, where the upper Bollinger band is presenting the strongest resistance at the time of writing. The upper Bollinger band is found at the $4,073 mark. The nine-day moving average is found right below the current price, acting as the closest support at the $3,893 mark.
The Bollinger bands’ average is found at the $3,774 mark whereas, the volatility is increasing compared to the past few days. The lower Bollinger band serving as the strongest support mark is found at the $3,475 mark. The relative strength index, however, is presenting a bearish signal with an overbought score of 72.29, which can pull the price down into a healthy correction soon.
Ethereum price analysis conclusion
Ethereum price analyses reveal that the queen of cryptocurrency is indeed treading on a slippery slope where the queen has found strong support to retest the $4,000 high but with an underlying bearish signal from the relative strength index. If the current support levels persist and the RSI score is controlled, the queen is likely to break past the current high and onto a new horizon. However, if the RSI score comes into play, the queen is likely to go into a healthy correction with a fall in price down to the $3,700 level or below.
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