Ethereum Price Analysis: Lower high on D1 probes ETH bulls eyeing $2,000


  • ETH/USD snaps three-day losing streak following its bounce off $1,725.
  • Successful U-turn from 10-day SMA, rising channel formation test the immediate bearish signals.
  • Channel’s resistance line adds to the upside filters, MACD flashes warning to the buyers.

Ethereum is preparing for a bullish breakout while taking the bids near $1,795 amid the initial Tuesday. In doing so, the altcoin rises for the first time in the last four days while attacking the latest lower-high formation on the daily (D1) chart.

Although MACD flashes a bearish signal for the first time in two weeks, the quote’s ability to stay beyond 10-day SMA, also remaining strong inside an ascending trend channel from January 19, favors the ETH/USD bulls.

Hence, an upside break of the nearby resistance line, currently around $1,820, becomes imminent, which in turn will direct the buyers towards the record top marked during the month around $1,878.

It should, however, be noted that the ETH/USD upside past-$1,878 will be probed by the upper line of the stated channel, near $1,940, before directing the rally to the $2,000 threshold.

On the contrary, a downside break of a 10-day SMA level of $1,771 will be tamed by a confluence of 21-day SMA and the lower line of the aforementioned channel, at $1,614 now.

In a case where ETH/USD bears dominate past-$1,614, the $1,600 round-figure will offer an extra filter to the south before confirming the drop towards the monthly low of $1,271.

ETH/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 1794.31
Today Daily Change 14.69
Today Daily Change % 0.83%
Today daily open 1779.62
 
Trends
Daily SMA20 1606.04
Daily SMA50 1313.8
Daily SMA100 937.77
Daily SMA200 660.84
 
Levels
Previous Daily High 1836
Previous Daily Low 1659.93
Previous Weekly High 1868.9
Previous Weekly Low 1493.28
Previous Monthly High 1477.3
Previous Monthly Low 715.22
Daily Fibonacci 38.2% 1727.19
Daily Fibonacci 61.8% 1768.74
Daily Pivot Point S1 1681.03
Daily Pivot Point S2 1582.45
Daily Pivot Point S3 1504.96
Daily Pivot Point R1 1857.1
Daily Pivot Point R2 1934.59
Daily Pivot Point R3 2033.17

 

 

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