- ETH/USD picks up bids following the pullback from record top.
- RSI also returns to normal conditions, joins MACD to favor bulls.
- 100-bar SMA, two-week-old rising trend line offer key support.
Ethereum bulls shrug off the previous day’s consolidation from the record top while regaining the upside momentum around $1,620 during early Friday.
In doing so, the ETH/USD quote bounces off the previous resistance stretched from January 10.
Other than the latest recovery moves, RSI’s return from the overbought conditions, as well as bullish MACD, also favor the continuation of the current upside.
However, an immediate falling trend line portraying the lower high formation on the four-hour (4H) pattern, around $1,670, challenges the bulls targeting to refresh the record top of $1,699.
It should be noted that the Ethereum buyers are well directed to the $3,000 level but the $2,000 threshold can offer an intermediate halt during the rally.
Meanwhile, a downside break of the stated support line, at $1,590 now, will not hesitate to conquer the $1,500 round-figure while directing short-term sellers toward January’s top near $1,480.
Though, any further weakness below $1,480 will be challenged by a confluence of 100-bar SMA and an ascending support line from January 22, currently around $1,350.
ETH/USD four-hour chart
Additional important levels
|Today last price||1612.51|
|Today Daily Change||14.96|
|Today Daily Change %||0.94%|
|Today daily open||1597.55|
|Previous Daily High||1699|
|Previous Daily Low||1556|
|Previous Weekly High||1477.3|
|Previous Weekly Low||1206.05|
|Previous Monthly High||1477.3|
|Previous Monthly Low||715.22|
|Daily Fibonacci 38.2%||1610.63|
|Daily Fibonacci 61.8%||1644.37|
|Daily Pivot Point S1||1536.03|
|Daily Pivot Point S2||1474.52|
|Daily Pivot Point S3||1393.03|
|Daily Pivot Point R1||1679.03|
|Daily Pivot Point R2||1760.52|
|Daily Pivot Point R3||1822.03|
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