- Ethereum gears up for another lift-off as technicals fall in line.
- Ethereum emerges bulls above the 50 SMA in its short term trendline analysis.
Ethereum bulls appear to be gathering once again following the battering experienced on Monday. Moreover, the bulls were quite disappointed when the price failed to break above the resistance at $180 on Sunday. Besides, the hurdle at $180 resulted in a shark breakdown below the tentative support at $170.
The downside was impressively cushioned by the congestion of buyers at the 61.8% Fibonacci level of the last drop from $179.57 to a low of $134.60. Also contributing to the support was the ascending trendline (main trendline).
ETH/USD 1-hour chart
Following the dip, Ethereum recovered stepping above the initial resistance at $165. The rising buying activities have pushed past the 50 Moving Average hurdles. The bulls look forward to clearing the 100 Moving Average on the 1-hour chart resistance in preparation for the assault on $170.
Technically, Ethereum is fundamentally ready to tackle the resistance at $170 and $180, respectively. Technical analysis also shows upward motion and growth are possible. The Relative Strength Index (RSI) displays a stronger bullish picture with its movement above the average (50). The volume index also shows the growing volume and coupled with expanding volatility, Ethereum could easily scale the levels above $180 and focus on returning to those past $200.
Ethereum Key Levels
Spot rate: $167.26
Relative change: +0.65
Percentage change: +0.37%
Key support: $165 and $160
Key resistance: $170 and $180
- Just-In: Bitcoin May Soon Be A Legal Tender in Arizona
- OpenSea Fixes Vulnerability, But Users Are Still Losing NFTs To Hackers
- Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?