Bulls are struggling to maintain its support at 78.6 % Fib level which corresponds to $141. As Bears have the complete game on their hand, any breach from here will end the ETH’s last hope for the continuation of the uptrend and the prices can go down further towards the monthly support. If that happens, Bitcoin’s godly intervention can only save this losing ship. Here, breaking it down further and analyzing the ETH trend with different Time Frame as given below:
Ethereum Price Prediction:
Weekly Ethereum price had breached below 61.8% Fib level support as bulls were unable to defend its position and now the price has found its support around 78.6% Fib level at $141.51.
Weekly ETH price trend has fallen below 49 days SMA (Simple Moving Average) which earlier acted as a support, and now retesting 78.6% Fib level which also coincides with weekly support level around $140. RSI (Relative Strength Index) is 40.34 which is in neutral zone.
Ethereum saw rejection at 38.2% Fib level which is around $155.63, and currently, it is supported by 23.6% Fib level as shown in the below-given graph. The ETH coin is getting rejected by 9 days SMA (blue solid line) and if this continues, then it may go down further towards the weekly support at $140.84, marked by the white dotted line. RSI (Relative Strength Index) is at 35.59 which indicates that the prices are moving towards oversold phase while having more room to go down. Also, Stoch RSI (Stochastic Relative Index) is indicating that Ethereum is approaching overbought region.
The Ichimoku Kinko Hyo system on 1-Day chart gives us the following insight:
- Prices are under the Kumo; bearish overall.
- Chikou Span (orange solid line) is also under the Prices Kumo; bearish.
- Prices are supported by Tenkan Sen (blue solid line) and the next resistance is around $161.90 marked by Kijun Sen (red solid line). This level also almost coincides with the daily resistance area which earlier acted as a support, marked by yellow parallel channel ($164 to 168).
Conclusion: Weekly ETH Price trend is struggling to maintain its weekly support at 78.6% Fib level, meanwhile, daily ETH price path is showing some strength and as per ETH forecast, it can see a price appreciation from $148 to $164, as it has successfully done S/R (Support Resistance) flip of Tenkan Sen on a daily chart.