Ethereum Price Analysis: ETH bulls catch a breather above $1,500, three-week-old rising channel in focus


  • ETH/USD eases from all-time high amid overbought RSI.
  • Sustained break of weekly resistance, bullish MACD hint further upside.
  • 17-day-old rising trend channel also portrays bullish momentum.

ETH/USD eases from the record top of $1,549 to $1,517.70 during early Wednesday. The altcoin buyers might have taken a break amid overbought RSI conditions but the bullish momentum, portrayed by MACD and successful break of short-term resistance, now support, keeps suggesting the quote’s further upside.

As a result, the top line of an upward sloping trend channel stretched from January 10, currently around $1,580, gains the ETH/USD buyers’ attention, for now.

However, any further upside will not hesitate to challenge the $2,000 psychological magnet wherein the $1,600 threshold can act as an intermediate stop.

Alternatively, a downside break of the previous resistance line from January 25, currently around $1,400, will be challenged by 100-bar SMA and an eight-day long ascending support line near $1,315.

If at all the ETH/USD sellers manage to break $1,315, the stated channel’s lower line close to $1,200 will be the key to watch.

ETH/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 1520.59
Today Daily Change 6.92
Today Daily Change % 0.46%
Today daily open 1513.67
 
Trends
Daily SMA20 1302.92
Daily SMA50 1026.36
Daily SMA100 764.19
Daily SMA200 566.36
 
Levels
Previous Daily High 1549
Previous Daily Low 1360.27
Previous Weekly High 1477.3
Previous Weekly Low 1206.05
Previous Monthly High 1477.3
Previous Monthly Low 715.22
Daily Fibonacci 38.2% 1476.91
Daily Fibonacci 61.8% 1432.36
Daily Pivot Point S1 1399.63
Daily Pivot Point S2 1285.58
Daily Pivot Point S3 1210.9
Daily Pivot Point R1 1588.36
Daily Pivot Point R2 1663.04
Daily Pivot Point R3 1777.09

 

 

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