Ethereum Price Analysis: ETH faces uphill battle but bulls can stay hopeful above $1,300


  • ETH/USD licks its wound after heaviest declines in one week.
  • Short-term falling channel, bearish oscillators suggest further weakness.
  • Five-week-old horizontal area, channel support will be tough nuts for bears to crack.

ETH/USD nurses the previous day’s losses, the heaviest in a week, while picking up bids to $1,490 amid initial Wednesday. In doing so, the altcoin portrays a bounce inside a bearish chart pattern.

Not only a downward sloping trend channel from February 23 but descending RSI and continuously receding strength of the bullish MACD also suggest extra pullback of the ETH/USD prices.

As a result, intraday sellers can eye the previous Tuesday’s low near $1,370 but a horizontal area from late-January, as well as support line of the stated channel, respectively around $1,275 and $1,260, could challenge the ETH/USD bears afterward.

In a case where the quote drops below $1,260, odds of its south-run to January 22 low near $1,040 and the $1,000 threshold can’t be ruled out.

Meanwhile, the cryptocurrency pair’s extra rise will have to defy the stated bearish chart pattern by crossing $1,590 resistance, not to forget the $1,600 round-figure, to recall the ETH/USD buyers.

Though, key SMAs around $1,650 and $1,700 will test the upside momentum targeting the $2,000 and the record top, marked in February around $2,040.

ETH/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1488.18
Today Daily Change -83.64
Today Daily Change % -5.32%
Today daily open 1571.82
 
Trends
Daily SMA20 1726.15
Daily SMA50 1513.16
Daily SMA100 1109.02
Daily SMA200 752.41
 
Levels
Previous Daily High 1574.28
Previous Daily Low 1412.61
Previous Weekly High 1976.72
Previous Weekly Low 1367.36
Previous Monthly High 2041.42
Previous Monthly Low 1271.31
Daily Fibonacci 38.2% 1512.52
Daily Fibonacci 61.8% 1474.37
Daily Pivot Point S1 1464.86
Daily Pivot Point S2 1357.9
Daily Pivot Point S3 1303.19
Daily Pivot Point R1 1626.53
Daily Pivot Point R2 1681.24
Daily Pivot Point R3 1788.2

 

 

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