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Ethereum price analysis: ETH finding footing for $3,560 high

Ethereum price analysis ETH finding footing for high

TL;DR Breakdown

  • Ethereum price analysis reveals that the queen is struggling to maintain $3,560 high.
  • Strong support is currently found at the $3,228 mark.
  • Strong resistance is currently found at the $3,560 mark.

The Ethereum price analysis reveals that the queen of cryptocurrency is struggling to maintain the $3,550 high at the time of writing. The queen of cryptocurrency underwent the flash crash market movement to lose better highs. The king of cryptocurrency Bitcoin propelled the motion of this event and the ripple went through the cryptocurrency universe like a heart attack, and Ethereum was no exception. During the past 24 hours, ETH is up by 6.14 percent while it is down by 5.57 percent on the weekly scale.

Ethereum price analysis 1-day candlestick shows routine behavior shift

The one-day Ethereum price analysis further shows that the volatility is increasing on the Bollinger bands. The upper Bollinger band value is found at the $4,057 mark showing the highest resistance point. Whereas the lower Bollinger band is found at the $2,890 mark showing us the strongest support mark. The volatility is above half a fold, increased from the previous week.

Ethereum price analysis: ETH finding footing for $3,560 high 1
ETH/USD 1-day candlestick price chart. Source: Trading View

The p cap formation seems to be a bearish indication on the cryptocurrency chart, which also looks like an inverse cup and handle happening in the previous week. Compared to Bitcoin, there is just one bearish cross-over, the nine-day moving average, which is found on the $3,753 level above the price. At the time of writing, Ethereum is trading for the $3528 mark. The Bollinger bands’ average is found as strong support right below the current price at the value of $3,473. The relative strength index is standing at a neutral 54.44 level which is healthy for the bullish momentum to grab further footing on the charts.

ETH/USD 4-hour chart shows inverse image of 1-day analysis

The four-hour Ethereum price analysis chart depicts an inverse image of the one-day price analysis chart. The upper Bollinger band and lower Bollinger bands are much wider than the one-day chart, but the bearish crossovers are reversed on the four-hourly chart. On the four-hourly chart, the nine-day moving average is the support, while Bollinger bands average is presenting a bearish crossover.

Ethereum price analysis: ETH finding footing for $3,560 high 2
ETH/USD 4-hour candlestick price chart. Source: Trading View

The nine-day moving average is found below the price in the support zone at a value of $$3,449. While the Bollinger bands average is found above the current price at $3,627. The upper Bollinger band is at $4090, and the lower Bollinger band is found at the $3,163 mark. The relative strength index is found at the 44.40 score providing an opportunity for bulls to take further control.

Ethereum price analysis conclusion

The Ethereum price analysis is largely positive for the bulls to continue their short stride today, while the cryptocurrency market is recovering from a huge shock that occurred on the 7th of September. If the current support levels persist, the queen of cryptocurrency is likely to retest the high above the $3560 mark. If the current support levels falter, the queen of cryptocurrency will fall further below the $3440 level. For now, the bullish trend is dominating the price charts, with hints of bearish signals lurking from the shadows.

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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