Ethereum Price Analysis: ETH buyers keep lurking around 21-day SMA
|- ETH/USD eases from intraday top while keeping the bounce off three-day low.
- Bearish MACD, one-week-old resistance line test buyers, six-week-old support line adds to the downside filters.
ETH/USD steps back from the day’s high of $1,322 to $1,311, down 0.16%, during early Monday. The Ethereum buyers recently returned, like multiple times in the last one week, from 21-day SMA even as bearish MACD and a falling trend line from last Thursday challenge the upside momentum.
The altcoin’s latest pullback can’t be considered serious unless breaking 21-day SMA, at $1,269 now, a break of which will drag the quote an ascending trend line from December 23 near $1,205.
It should, however, be noted that a downside break of $1,205 will need validation from the $1,200 threshold before challenging the 50-day SMA level of $1,006.
Meanwhile, the sustained upside will attack the short-term resistance line, currently around $1,417, before directing ETH/USD bulls to January top, also the record high of $1,477.
During the quote’s run-up beyond $1,477, the $1,500 psychological magnet could gain the market’s attention.
Overall, ETH/USD is in an uptrend but short-term pullbacks can’t be ruled out.
ETH/USD daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.