The recent bull run in Bitcoin’s [BTC] market resulted in a recovery spree for the altcoin universe. While several altcoins made headlines for incurring massive spikes in value, Tron [TRX], the ‘investor friendly’ altcoin, exhibited sideways trajectory through the year. On the other hand, thanks to a bullish wave, Ethereum [ETH] still held enough room to maintain its position as the world’s second largest cryptocurrency.
Ethereum [ETH] 1-Day
The 1-day chart for Ethereum [ETH] showed the coin being comfortable after surviving the crypto-winter. While ETH did not hold any prominent support or resistances, it continued to maintain its value recovery along with BTC’s bull run. The strongest altcoin was trading at $230.52, after rising by 10% change over 24 hours. Further, it had a trading volume of $13.2 billion and a market cap of $24.4 billion.
Awesome Oscillator: The green histogram bars suggested a strong bullish trend for the coin.
Relative Strength Index: Similarly, the RSI indicator exceeded the upper range, indicating an increase in the buying pressure.
Bollinger Bands: The diverging mouth of the bands indicated high volatility.
Tron [TRX] 1-Day
Support 1: $0.022
Resistance 1: $0.027
The “Ethereum-killer” showed a positive change of 9.56% during the reading, placing its value at $0.028928 during press time. Additionally, the crypto maintained a trading volume of $1.1 billion and market cap of $1.9 billion. Although the coin has displayed bearish movements for the past month, it crossed its previous resistance at $0.027.
MACD: The MACD line was positioned over the signal line, indicating a rising bull market.
Parabolic SAR: On a similar note, the dotted markers formed below the candlesticks and suggested an ongoing bullish trend.
Chaikin Money Flow: The CMF was above the zero-line, confirming a bullish market.
Ethereum technical analysis: Daily ETH/USD keeps trudging along sluggishly in an $11-range
- ETH/USD went up from $187.15 to $188.10 so far this Wednesday.
- The MACD indicator in the daily chart shows decreasing bullish market momentum.
ETH/USD daily chart
ETH/USD is moving along sluggishly in a narrow $11-range between $180.15 and $191.30. This Wednesday, ETH/USD went up from $187.15 to $188.10, which has been wholly negated so far this Thursday. The daily chart is floating above the 20-day Simple Moving Average (SMA 20) and SMA 50. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.
ETH/USD 4-hour chart
The 4-hour ETH/USD price has charted an evening star pattern and is floating above the SMA 50 and SMA 20 curves. The Elliott Oscillator shows six straight green sessions of increasing intensity.
ETH/USD hourly chart
The hourly ETH/USD has broken below the upward channel formation and the red Ichimoku cable. The SMA 20 curve acts as immediate market support. The Relative Strenght Index (RSI) indicator is trending around 56.25.
|Today last price||187.14|
|Today Daily Change||-0.91|
|Today Daily Change %||-0.48|
|Today daily open||188.05|
|Previous Daily High||189.65|
|Previous Daily Low||185.27|
|Previous Weekly High||194.8|
|Previous Weekly Low||179.18|
|Previous Monthly High||199.04|
|Previous Monthly Low||153.28|
|Daily Fibonacci 38.2%||187.98|
|Daily Fibonacci 61.8%||186.94|
|Daily Pivot Point S1||185.67|
|Daily Pivot Point S2||183.28|
|Daily Pivot Point S3||181.29|
|Daily Pivot Point R1||190.04|
|Daily Pivot Point R2||192.03|
|Daily Pivot Point R3||194.42|
Ethereum (ETH) Could Break Higher After Long Consolidation
- Ethereum price seems to be consolidating for quite some time above $180 against the US Dollar.
- The price could start a strong upward move above $190 as long as it is above $180.
- There is a short term ascending channel forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin is still capped by the $8,880 and $8,960 resistance levels.
Ethereum price is trading in a broad range versus the US Dollar and bitcoin. ETH price remains well bid above the $178 support and it could soon make an upward move.
Ethereum Price Analysis
In the past few days, Ethereum consolidated in a broad range above the $180 support against the US Dollar. ETH bears made a few attempts to push the price below the $180 and $178 support levels, but they failed.
Similarly, there was no upside break above the $188 and $190 resistance. Recently, the price revisited the $182 support area and started a fresh increase. It broke the $185 resistance and the 100 hourly simple moving average.
Moreover, there was a spike above the $188 resistance. However, Ethereum failed to surpass the $190 resistance area and it is currently correcting recent gains. It is now trading below the 23.6% Fib retracement level of the upward move from the $182 low to $190 swing high.
At the moment, the price is approaching the $186 level and the 100 hourly simple moving average. Besides, there is a short term ascending channel forming with support near $186 on the hourly chart of ETH/USD.
More importantly, the 50% Fib retracement level of the upward move from the $182 low to $190 swing high is just below the channel support. Therefore, the price could find bids near $185 and continue higher.
On the upside, the $188 and $190 levels are important hurdles for the bulls. A successful close above the $190 level is needed for a bullish continuation. The next key resistances are near $200 and $205.
Conversely, the price could break the channel support and decline below $185. In the mentioned case, the price is likely to revisit the range support area near the $182 level.
Looking at the chart, Ethereum price is stuck in a broad range above the $182 and $180 supports. If the bears continue to struggle near $182, the price is likely to start a strong upward move above $190 in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and approaching the 50 level.
Major Support Level – $182
Major Resistance Level – $190
Ethereum Nears End of Consolidation Period as Big Move Looms on Horizon
Ethereum (ETH) has been trapped beneath its near-term resistance level at $190 for over a month and has shown few clear signs of gaining any notable momentum that will allow it to decisively propel past this level.
Analysts are now noting, however, that Ethereum may be nearing the apex of a bullish flag formation that could send its pricing surging higher in the near-term, meaning that it may soon decisively break above its long-held resistance level at $190 and target a movement up towards $200.
Ethereum Continues Consolidating Below $190
At the time of writing, Ethereum is trading up just over 1% at its current price of $188.30, and it has been inching higher over the past couple of days as it slowly approaches its key near-term resistance level at $190.
Over the past month, ETH has been ranging between lows of $160 and highs of $190, with each visit to the lower range boundary being met with strong buying pressure and each visit to $190 being met with significant selling pressure that tends to push its price down towards $180.
The formation of this relatively wide trading range has come about concurrently with a period of sideways trading for Bitcoin, which was previously caught within a tight trading range between $9,000 and $9,500 before it broke below this range and found strong support at $8,700.
ETH May Soon Incur Bullish Momentum
In the near-term, it appears that Ethereum’s price action is only loosely correlated with that of Bitcoin, as analysts are noting that ETH may soon break above its near-term resistance level and surge towards $200.
CryptoGainz, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referencing ETH’s recent break above the upper boundary of its previously established descending triangle, while also referencing the fact that it is currently trading within a bullish pennant.
“$ETH wants to break out,” he concisely noted.
Jonny Moe, another popular crypto analyst, shared a similar observation in a recent tweet, explaining that he believes Ethereum is nearing the end of its consolidation phase.
“Watching $ETH for possible end of consolidation soon,” he said while pointing to the chart seen below.
The coming day may elucidate the long-term significance of the bullish chart patterns currently expressed by Ethereum, as any bullish momentum may send the crypto flying towards the $200 region.