Price Analysis

Ethereum (ETH) Breaches a 6-week Long Resistance at $200

eToro
  • Ethereum, at the time of writing of this analysis, was trading below $200 at $197 with intimidation of a bearish crossover anytime soon, today
  • ETH price has dropped to $197 from trading around $199 in the opening hours, today and therefore, the intraday is likely to draw a bearish crossover
  • Also, due to prevalent of moderate volatility, Ethereum is likely to have an intraday rebound soon as the market is quite a gainer today
  • On the 12-hourly chart, ETH coin has retained support from 50-day and 200-day daily Moving Averages

Ethereum price trend has been experiencing a continual spike, and it was just around the weekend when it crossed above 38.20% Fib retracement level. Moreover, it was just in the mid of the previous week, when ETH regained 200-day MA support after hitting around $185 after over a month.

Ethereum Price Analysis

Ethereum News
ETH/USD Chart By TradingView

On a 12-hourly chart, Ethereum is seen extending its gaining momentum against the US Dollar as it breached a 6-week long resistance briefly at $200. After gaining an intraday momentum over the mid of the last week, ETH coin managed to regain 200-day MA support, which had previously lost as the price steeply slid below 61.80% Fib Retracement level in March. Having gained the momentum, the coin managed to rise and have a bearish trend aversion, with bulls becoming stronger.

eToro Crypto

Having said that, it is also important to the point that though a gradual rise was unseen until now because it is just today when BTC had marked its presence around $7.8k after a subtle price accumulation.

ETH Coin

While, if we see an even emphasized chart of Ethereum, we see a notable uptrend since April 22. The 20-day Bollinger Bands laid are seen squeezing, and the price trend of ETH/USD is likely to breach either of the extremities, which we believe will be hitting through the upper BB, as per the current momentum.

However, the MACD is appearing to take a bearish divergence as the price has plummeted from $199 to $197, while RSI is as such not holding a trading extremity at 54.08.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button