The price of Ethereum (ETH) looks strong and shows more strength against tether (USDT), holding up compared to Bitcoin (BTC). The price of ETH is anticipated to move with more bullish sentiment circulating as we edge closer to “The Merge.” (Data from Binance)
Ethereum (ETH) Price Analysis On The Weekly Chart
The price of ETH closed the week with so much mixed sentiment ahead of the upcoming “Ethereum Merge,” with so many bullish signs lately.
ETH’s price was rejected from $2,000 after rallying from a low of $1,030 as the price continued to outperform BTC.
The price of ETH saw a weekly low of $1,400 before bouncing this area as it is seen as an area of demand for many buyers and investors.
ETH price could be poised to make another rally as it edges closer to its intended merge, and this could positively impact the price of other altcoins as they would enjoy a measure of a relief rally in the coming days.
Weekly resistance for the price of ETH – $1,900.
Weekly support for the price of ETH – $1,400.
Price Analysis Of ETH On The Daily (1D) Chart
After successfully breaking out of the daily bullish flag, the ETH price is set for a rally as the price looks more promising compared to recent weeks. With more buy order volume, the price could rally to a high of $1,900, where it will face resistance.
For ETH’s price to trend higher, it needs to flip the resistance at $1,980, preventing the price from going higher.
If ETH maintains this bullish structure, we could see more bullish bias from its price, but if ETH fails to maintain its bullish structure, we could see the price retesting support areas that have held its price from going lower.
The price of ETH is trading at $1,582 below its 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. The prices at $1,620 and $2,030, which correspond to the 50 and 200 EMA, act as resistance to ETH price.
Daily (1D) resistance for the ETH price – $1,620, $2,030.
Daily (1D) support for the ETH price – $1,400.
ETH Price Analysis On The One Four-Hourly (4H) Chart
The price of ETH in the 4H timeframe continues to look bullish, trading slightly above the 50 EMA, acting as support.
ETH price must break and hold above the 50 and 200 EMA to have a good chance of trending higher; with good buy orders, the price could break out and rally to a high of $1,800-$1,900 area that corresponds to the Fibonacci retracement value of 61.8%.
The price of ETH has seen good volume in recent times and will rally higher as more buy order increases.
On the 4H chart, the Relative Strength Index (RSI) for ETH is above 65, indicating buy order volume for the ETH price.
Four-Hourly (1H) resistance for the ETH price – $1,620.
Four-Hourly (1H) support for the ETH price – $1,500.
This article was originally published on newsbtc.com