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Ethereum’s price has been making corrections following the rally over the last few months. However, there are plenty of support levels that could hold the price in the short term.
technical analysis
By: Edris
The Daily Chart
Looking at the daily timeframe, the price has been on the decline over a period of several weeks after failing to reach the $2200 resistance level. The 50-day moving average is currently holding the market around the $1900 level, with $1800 also providing support.
In case the price rebounds from this area, a rapid rise towards the $2200 level could be expected. On the other hand, a breakdown would result in a further correction towards the 200-day moving average, trending around the $1600 mark. The RSI continues to oscillate around the 50% threshold recently.
The 4-Hour Chart
On the 4-hour chart, the price seems to be attempting to escape the range between the $1800 and $1900 levels. The $1900 resistance is currently being tested once more, and a bullish breakout would pave the way for a surge towards values above $2000.
However, another rejection could initiate a bearish move towards the $1800 support level and potentially even lower. The RSI indicator is trending above the 50% mark in this timeframe, indicating that the bulls are in control and a bullish breakout is more probable.
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Cryptocurrency charts by TradingView.
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