Jonathan Morgan
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Cardano price could trap impatient investors before triggering an explosive move to $0.505
Cardano price shows a consolidation below a stable support level and has yet to reveal a directional bias. The ongoing range tightening will likely resolve as the US markets head to a fresh start this week.
LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol
LUNA Classic price reveals a bearish outlook that could unfold over the course of this week. A minor run-up seems plausible, but it is just a move to squeeze the bulls. Therefore, market participants should be ready for a quick reversal.
Ethereum Price Prediction: Assessing the possibility of a post-Merge rally
Ethereum price trades at $1,323 on Sunday, several days after sliding to $1,200. It was a surprise that the largest smart contracts token would give up most of its gains during and after the much-publicized Merge. On-chain data shows a significant reduction in the Ethereum Supply.
Why Chainlink price could lose momentum at $8.00
-637336005550289133_XtraSmall.jpg)
Chainlink price is among the few crypto assets in the green on Sunday. The smart contacts’ price feed oracle token defied the bear market this week to post 23.7% gains. As discussed earlier in the week, the V-shaped pattern matured at LINK brushed shoulders with $8.00.
Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation
Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.