- Ethereum price may come under attack from one final push by bears to swipe ETH lower.
- Key resistance zones ahead in the Ichimoku system provide profit-taking and shorting opportunities.
- Make or break zone for Ethereum is near.
Ethereum price jumped +4.57% yesterday and is presently up nearly +3% today. The new weekly highs come as Ethereum hits some significant resistance levels in the Ichimoku system. Failure to cross and hold above these Ichimoku levels will likely create a -15% drop towards the $2,900 value area.
Ethereum price may come under bear attack on any weakness at these levels
Ethereum price has made consistent moves higher with little resistance or selling pressure over the past three trading days. However, Ethereum is now at a price level where bears may come in to attempt a push lower. The two near-term resistance levels in the Ichimoku system are the Tenkan-Sen at $3,478.50 and the Kijun-Sen at $3,519.68.
Another level bears will want to watch is the 55 value on the Relative Strenght Index. While the Relative Strenght Index remains in bull market conditions, a shift to a bear market reading could occur if 55 acts as a source of resistance, especially when Etheruem price is against the Tenkank-Sen and Kijun-Sen.
ETH/USD Daily Chart
Bulls can easily take over and eliminate any near-term bearish pressure, though. The Chikou Span is well above the candlesticks and does not have resistance in front of it. However, to maintain a confirmed bullish outlook, Ethereum price needs to close above the Tenkan-Sen and Kijun-Sen. Bulls may want to wait for the Composite Index to cross above both of its averages and to confirm Ethereum has a daily close above $3,600 to confirm a likely continuation move higher.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork
Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain.
Breaking: Ethereum breaks below $1,900 as selling pressure accelerates
Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200.
A big price move is coming for Binance Coin; here’s what to look out for
A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!
Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.
Bitcoin: The last rebound before capitulation
Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.