Ethereum (ETH) Price Looks For Upside Near 0.618% Fibonacci Retracement

Ethereum (ETH) price trades lock-in modest gains extending the previous session’s gains. Risk-aversion among investors led the gains in the riskier assets. The global stock rallied on Friday as traders await the corporate earnings and avoided geopolitical conflicts and US Federal Reserve tightening concerns.

• Ethereum price took a breather near the weekly support at $2,160.
• ETH price is possible to take a U-turn from the current levels.
• Expects bulls to challenge the 50 DMA at $2,922.85 on Weekly charts.

At the press time, ETH/USD is trading at $2,593, up 1.87% for the day. The 24-hour trading volume is at $11,391,856,386 with a dip of 26%.

Ethereum (ETH) shouts for 13% appreciation

On the weekly charts, the Ethereum (ETH) price took support near 0.618% at $2,148. The formation of ‘Doji’ candlesticks give the buyers double confirmation that price could see an upside reversal from the current levels.

The momentum oscillator, the daily relative strength index (RSI) trades at 36 near to the oversold zone. The last time the indicator was trading at this level was in March 2020, this is a double support formation.

Further, the higher highs and higher lows formation is a typical bullish formation. The upside would be intact if the next candle is a green one.

On the daily time frame, the consolidation near the $2,340 for the past seven weeks indicates that price could continue the upside momentum in the short term.

On the other side, if the price breaks below the weekly lows then the gates will be open for the $1,700 levels last seen in July.