Ethereum price analysis: ETH/USD up over 3%; forming inverse head-and-shoulder pattern while consolidations expected above $630
|- ETH/USD expected to continue testing the $650 resistance level; consolidations to lead to further upside movements.
- Ethereum price short-term support is at $630; moving averages to support the price as well.
The bulls have been exploring new highs in April following the bullish trend across the crypto market. Ethereum price has started the week’s trading on Monday 23 on an upside roll that has seen it test the $650 resistance level but failed to break above it for the second time when the weekend chart is observed.
Technical indicators on the short timeframe chart are pointing towards upside corrections which could lead to another breakout. The 50 SMA and the 100 SMA are in an upward sloping direction, while the gap between them is narrowing on the 15’ timeframe chart to signal that ETH/USD could continue testing the $650 resistance and eventually break above it. The MACD, on the other hand, is moving towards the positive territory showing that the path of least resistance is to the upside.
Ethereum price is expected to continue retracing higher; however, consolidations are expected before it gains momentum to attack $700. A short-term support has been formed at $630, although the moving averages could still provide support below this level. In addition to that, the major support rests at $615.
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