Key Support level: $3,900
Key resistance level: $4,380
Ethereum was unable to surpass the $5 million mark today, and now it is preparing for another attempt following a sharp rejection (13% drop in Bitstamp). We reported earlier that Bitcoin crashed on many exchanges, and even fell by 87% on Binance US. Although this dragged down the whole market, it appears that prices are now recovering.
After the price rejection, the bulls quickly purchased the support line at $3900. This shows that the move is strong enough to push us over the key resistance at $4380. It also marks the ETH all time high.
Chart by TradingView
Technical Indicators for ETH Price
Volume: Volume is rising by the hour which is very bullish and another attempt at moving beyond the all time high seems right around the corner.
RSI: The RSI crossed the 70 point mark on a daily basis. This signals a bullish market, and the bulls are in charge of the price action.
MACD: The histogram has shown higher highs over the last three days without any signs of weakness. As long as the MACD remains positive, the bias is bullish.
Chart by TradingView
The ETH bias is considered extremely bullish. It has recently been rejected by a small margin from its all-time high and is now recovering.
ETH is currently trying to break the resistance at the time this article was written. It will be interesting to see if bears reject the price at this crucial technical and psychological level.
Forecast of ETH’s Short-Term Prices
It is important to pay close attention to the price action at the $4,380 level. A break at this level could lead to an immediate increase in Ethereum’s price. The psychologically significant numbers of $5,000 and $6000 will be the next levels for resistance. Today’s support at $3900 was strong, signaling that bulls are still in control.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.